The Tata Steel Jamshedpur employees will get a 20% annual bonus credited to their accounts by September 15, 2022. The management and the workers’ union have agreed to this in a Memorandum of Settlement.
This bonus calculation formula will remain in effect until 2024. The 20 per cent yearly bonus this year is larger than the 16 per cent that was granted the prior financial year. About Rs 47 crore more has been added to the bonus. Additionally, it is the first time that a bonus payment of more than Rs 300 crore (Rs 317.51 crore) has been made.
A goodwill bonus of Rs 20,000 per employee will also be given, as requested by the union, in recognition of the hard work put in by all employees, even during the pandemic, and the outstanding results of the company in FY 2021–2022.
Each employee will therefore receive a minimum of Rs 61,448 (including the goodwill bonus) and a maximum of Rs 4,78,411 (including the goodwill bonus)! A total of 23,710 people across the Company’s facilities will benefit, including around 12,213 employees in Jamshedpur.
- V. Narendran, CEO and managing director of Tata Steel, and Sanjeev Choudhary, president of the Tata Workers’ Union, both signed the memorandum. Other attendees included Atrayee Sanyal, vice president (HRM), Shailesh Kumar Singh, deputy president, Satish Kumar Singh, general secretary, Tata Workers’ Union, Rajesh Prasad, deputy labour commissioner, Jamshedpur, and conciliation officer, Govt. of Jharkhand.