Tata Steel has announced Rs 314.70 crore as the annual bonus payout for its employees for fiscal year 2023 as part of a memorandum of understanding. This agreement was reached between the steel company and the Tata Workers’ Union.
The bonus will be distributed to eligible employees across the company’s divisions, the company announced to the media on Monday, September 4, 2023. Furthermore, the annual bonus for the fiscal year 2022-23 will range from Rs 42,561 to Rs 4,61,019.
Most steel company employees earn salaries that exceed the threshold specified in the Payment of Bonus (Amendment) Act, 2015, and thus are ineligible for bonuses under the Act. However, in accordance with the company’s long-standing practise, Tata Steel will provide bonuses to all unionised category employees.
T V Narendran, CEO & MD, Tata Steel, along with Atrayee Sanyal, vice president (HRM), Tata Steel, and other senior executives signed the agreement on behalf of the management. Sanjeev Kumar Choudhary, president of the TWU, and Satish Kumar Singh, general secretary of the TWU, along with other union representatives, signed on behalf of the union. Rakesh Prasad, Jamshedpur’s deputy labour commissioner, witnessed the signing of the memorandum.
It is worth noting that Tata Steel has revealed that it has been in active discussions with the UK government about its future business in the UK. The company hopes that the UK government will assist in the development of appropriate policies to encourage the transition to low-carbon, sustainable technologies while also ensuring a cost-competitive landscape. It also anticipates financial support from the UK government for the project.