Tata Steel employees in Jamshedpur are sure to get 20 percent bonus if the bonus agreement is reached on the old bonus formula this year. In the year 2008 also 20 percent bonus was received. Bonus agreement can be announced at any time. On Monday, there was a discussion on bonus between the management and the union.
Jamshedpur News: Tata Steel employees in Jamshedpur are sure to get 20 percent bonus if the bonus agreement is reached on the old bonus formula this year. In the year 2008 also 20 percent bonus was received. Bonus agreement can be announced at any time. On Monday, there was a discussion on bonus between the management and the union. On behalf of the management, Group Chief IR Zubin Palia of the company and Tata Workers Union President Sanjeev Chaudhary, General Secretary Satish Kumar Singh, Deputy President Shailesh Kumar attended the talks. The bonus talks in the General Office lasted about three and a half hours.
The three-year formula for bonus has expired in 2020. In Monday's meeting, the union proposed to make bonus on the old formula this year as well, while the management talked about making a new bonus formula. This is where the talks stop. It is discussed that the union will talk only on the old formula.
Last year there was a bonus settlement on the old formula. This time also the Tata Workers Union has proposed a bonus under the old bonus formula.
Last year, Rs 270.28 crore was distributed as bonus among 23 thousand employees of Tata Steel. Of these, Rs 158.31 crore went to 12,558 employees of Tube Division and the remaining Rs 111.97 crore to 10,442 employees of Kalinganagar Plant, Marketing and Sales, Noamundi, Jamadoba, Jharia and Bokaro Mines. The employees got a minimum of Rs 34,290 and a maximum of Rs 3,59,029. While Tata Steel had a profit of Rs 9752.13 crore. This time the profit of Tata Steel has more than tripled to Rs 33,011 crore compared to last year. From the old bonus formula, an amount of more than Rs 350 crore will come in the share of the employees.
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