Tata Steel announces Rs 303.13 crore bonus for employees for FY'25

Jamshedpur, Aug 28 (PTI) Tata Steel on Thursday announced a total payout of Rs 303.13 crore as a bonus to its employees for the 2024-25 financial year, following the signing of a memorandum of settlement with the workers' union in Jamshedpur.

For divisions at Jamshedpur, including tubes, an amount of Rs 152.44 crore of the total payout will be distributed as annual bonus among 11,446 employees, the steel maker said.

According to the memorandum of settlement signed with Tata Workers' Union (TWU), the total payout for eligible employees of all applicable divisions and units on account of annual bonus for the year 2024-25 will be Rs 303.13 crore, the company, in a statement, said.

The minimum (at full attendance) and maximum (at actual attendance) annual bonus payable for 2024-25 will be Rs 39,004 and Rs 3,92,213, respectively, it said.

"Since the majority of our employees of the steel company are drawing salary/wages 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 a bonus to all employees in the unionised category," the statement said.

Tata Steel CEO and MD T V Narendran, Chief People Officer Atrayee Sanyal, and other senior executives signed the memorandum of settlement on management's behalf.

Jharkhand government's Deputy Labour Commissioner, Jamshedpur and Conciliation Officer Arvind Kumar was present there.

Tata Workers' Union president Sanjeev Kumar Choudhary, its general secretary Satish Kumar Singh and the other office bearers signed the agreement on the union's behalf. PTI BS BDC