As a part of a memorandum of settlement, Tata Steel has announced Rs 314.70 crore as the annual bonus payout for its employees for fiscal year 2023. The steel company has reached this settlement with the Tata Workers’ Union.
The bonus payout will be given to eligible employees across its divisions, the company said to media on Monday, 4 September, 2023. Furthermore, the range for the annual bonus for 2022-23 will vary from a minimum of Rs 42,561 to a maximum of Rs 4,61,019.
Most employees at the steel company earn salaries that exceed the threshold specified in the Payment of Bonus (Amendment) Act, 2015, and hence, they do not qualify for bonuses under the Act. However, as per the company’s long standing customs, Tata Steel will be providing bonuses to all unionised category employees.
The agreement was signed by T V Narendran, CEO & MD, Tata Steel, along with Atrayee Sanyal, vice president (HRM), Tata Steel, and other senior executives on behalf of the management. As the union representatives, Sanjeev Kumar Choudhary, president, TWU, and Satish Kumar Singh, general secretary, TWU, along with other union representatives, signed on behalf of the union. The memorandum was signed in the presence of Rakesh Prasad, deputy labour commissioner, Jamshedpur.
It is pertinent to mention here that Tata Steel has revealed that it has been in active discussions with the UK government in relation to its business in the UK in the times to come. The company hopes that the UK government will help in terms of the right policy to encourage the transition to low carbon sustainable technologies and ensure a cost-competitive landscape. It also expects financial partnership with the UK government for the project.