21 C
Monday, December 4, 2023

Tata Steel to pay Rs 314.70 crore as annual bonus to employees

- Advertisement -
- Advertisement -

JAMSHEDPUR, Sept 5: Private steel major Tata Steel announced a total payout of Rs 314.70 crore on account of annual bonus to employees for the year 2022-2023 following the signing of a Memorandum of Settlement with Tata Workers’ Union (TWU) here.

As per 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.

- Advertisement -

The minimum and maximum annual bonus payable for 2022-23 will be Rs 42,561 and Rs 4,61,019 respectively.

Since majority of employees of the steel company are drawing salary higher than the limit laid down in the Payment of Bonus (Amendment) Act, 2015, they are not eligible for bonus under the Act. However, respecting our old traditions, the company is going to pay bonus to all employees in the unionized 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. (PTI)

- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur
Latest news
- Advertisement -
Related news
- Advertisement -
12 Benefits Of Eating Raw Or Green Papaya Top 10 Of The World’s Coldest Places 7 Assamese Delicacies You Should Try Top 10 Migratory Birds That Visit India Every Winter Real Names Of 10 Indian Rappers