Annual Bonus FY 2015- 16
A Memorandum of Settlement dated 19th September, 2016 has been signed between the Tata Steel and the Tata Workers’ Union, for Annual Bonus for the accounting year 2015-2016.
As per the Memorandum of Settlement the annual bonus for the year 2015-2016 the total payout for 28436 eligible employees of all applicable divisions/ Units of the Company on account of annual bonus for the year 2015-2016 will be Rs 130 Cr.
Out of this, for Divisions at Jamshedpur including Tubes Division, an amount of Rs 75.77 Cr approx will be distributed as annual bonus amongst 15575 employees. The minimum and maximum annual bonus payable for 2015-16 will be Rs 16800/- and Rs 121365/- respectively.
Since majority of our employees of the Steel Company are drawing salary/wages higher than the limit laid down in the Payment of Bonus Act, 1965, they are not eligible for bonus under the Act. However, respecting our old traditions, the Company is going to pay bonus to all employees in the unionised category.
The Settlement was signed on 19th September,2016. Mr. T V Narendran, Managing Director, Mr.Anand Sen, President (TQM & SB), Mr.S D Tripath ,Vice President (HRM) and other Sr. executives signed on Management’s behalf and Mr. R Ravi Prasad, President, Tata Workers Union, Mr. Sanjeev K Choudhary, Dy.President, Tata Workers’ Union, Mr. B.K.Dinda, General Secretary, Tata Workers’ Union and the other office bearers signed on Unions behalf in presence of Conciliation Officer and Deputy Labour Commissioner, Jamshedpur Shri Rakesh Prasad.
In a communiqué signed by the Managing Director and President, Tata Workers’ Union, all the employees are being informed about the payment of annual bonus.