Amid TCS layoffs, good news for this Tata company employees, announces bonus of Rs 3030000000 for…

TCS had earlier announced the plan to layoff around 2% of staff, but another Tata company has signed agreements with union over Rs 303.13 crore bonus for employees for FY'25

Tata Steel on Thursday said it will distribute a total bonus of Rs 303.13 crore to employees for the financial year 2024-25, after signing a memorandum of settlement with the workers’ union in Jamshedpur.

Of this, Rs 152.44 crore has been earmarked for the Jamshedpur divisions, including the tubes unit, benefiting 11,446 employees, the company added.

Tata Steel Rs 303.13 crore Bonus For Employees

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 Workers’ Union And Management Agreement

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.

Highlights

1. Tata Union Agreement Over Bonus
2. Tata Steel Announces Bonus To Employees
3. Tata Steel Management And Union Agreement over bonus
4. Tata Steel Bonus to employees

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.

(With Inputs From PTI)