20% annual bonus + Rs 20K goodwill bonus for Tata Steel Jamshedpur staff

A Memorandum of Settlement was signed by the management and the workers’ union to this effect

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By 15 September 2022, the employees of Tata Steel Jamshedpur will receive 20 per cent annual bonus in their accounts. A Memorandum of Settlement has been signed by the management and the workers’ union to this effect. This formula for bonus calculation will continue to be applicable till 2024.

The 20 per cent yearly bonus this year is higher than the 16 per cent that was given the previous financial year. The bonus has increased by about Rs 47 crore. It is also for the first time that an amount exceeding Rs 300 crore (that is, Rs 317.51 crore) is being disbursed as bonus.

In addition, a goodwill bonus of Rs 20,000 each will be given to all employees, as requested by the union, given the hard work put in by them, even during the pandemic and the remarkable performance of the Company in FY 2021-22.

That means, each employee will receive at least Rs 61,448 including the goodwill bonus or a maximum of Rs 4,78,411!

About 12,213 employees in Jamshedpur will benefit, while about 23,710 employees in the Company will benefit across locations.

The memorandum was signed by T V Narendran, CEO & managing director, Tata Steel and Sanjeev Choudhary, president, Tata Workers` Union. Others present on the occasion were Atrayee Sanyal, vice president (HRM) along with Shailesh Kumar Singh, deputy president, Tata Workers’ Union, Satish Kumar Singh, general secretary, Tata Workers’ Union, as well as Rajesh Prasad, deputy labour commissioner, Jamshedpur and conciliation officer, Govt. of Jharkhand.

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