Tata Steel announced a total payout of Rs 314.70 crore on account of annual bonus to employees for the year 2022-23 after the company signed a memorandum of settlement with Tata Workers’ Union (TWU) here. According to the memorandum of settlement, the total payout for eligible employees of all applicable divisions of the company on account of annual bonus will be Rs 314.70 crore, the company said in a statement on Monday.
The minimum and maximum annual bonus payable for 2022-23 will be Rs 42,561 and Rs 4,61,019, respectively.
Since the majority of employees of the steel company are drawing salaries higher than the limit laid down in the Payment of Bonus (Amendment) Act, 2015, they are not eligible for bonuses under the Act. However, respecting our old traditions, the company is going to pay bonuses to all employees in the unionised category, it said.
T V Narendran, CEO & MD, Atrayee Sanyal, vice-president (HRM) and other senior executives signed on management’s behalf and Sanjeev Kumar Choudhary, president and Satish Kumar Singh, general secretary, TWU and other office bearers signed on union’s behalf in presence of Rakesh Prasad, Deputy Labour Commissioner, Jamshedpur.
(With PTI Inputs)
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