Tata Steel announces annual bonus, goodwill bonus for employees

The top global steel company, Tata Steel Jamshedpur has announced 20% annual bonus and a Rs 20K goodwill bonus.

This year, the bonus amount will be credited to employees’ bank accounts by September 15, ahead of Durga Puja, according to Union officials. The company will disburse Rs.317.51 crore annual bonus for 23,710 employees for the year 2021-22.

The company paid an annual bonus of 16 percent to the employees last year, Rs 270.28 crores bonus was disbursed by Tata Steel in 2020-21.

The minimum and maximum annual bonus payable for 2021-22 will be Rs 41,448 + Rs 20,000 and Rs 4,58,411+ Rs 20,000 respectively.

Total number of employees to whom the bonus will be paid in Jamshedpur including Tubes is 12,213 while total of 23,710 employees of the company from all locations will be benefitted.

The details of the bonus that will be disbursed to the employees are as under:-

• The bonus amount has been increased by around 47.23 crores as compared to last year.
• Last year, Rs 270.28 crores bonus was disbursed by Tata Steel for its eligible employees for the year 2020-21.
• The minimum and maximum annual bonus payable for 2021-22 will be Rs 41,448 plus Rs 20,000 and Rs 4,58,41plus  Rs 20,000 respectively.

As requested by the union the company has also announced additionally a goodwill bonus of Rs 20,000 each will be given to all employees. This will be provided by the hard work put in by them. Even during the pandemic, they had a remarkable performance in FY 2021-22.

The Tata Steel management and Tata Workers Union signed a Memorandum of Settlement. The agreement was signed by VP Avneesh Gupta, VP Atrayee Sanyal, GM TGS Sharad Kumar Sharma, Chief Group HR/IR Zubin Palia, union president Rakeshwar Pandey, Dinesh Chandra Upadhyaya, general secretary Shiv Lakhan Singh and others. This Memorandum was signed for payment of the Annual Bonus for the accounting year 2021-22.