Tata Steel and Tisco Mazdoor Union Sign a Memorandum of Settlement for the Annual Bonus

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INDIACSR News Network

JAMSHEDPUR: A Memorandum of Agreement dated 23rd September, 2013 has been signed today between the Steel Company and the Tisco Mazdoor Union, for the Annual Bonus for the accounting year 2012-2013.

Mr. S D Tripathi, VP, HRM, Tata Steel, Mr Rupam Bhaduri, EIC (Growth Shop) and other Sr. executives signed on Management’s behalf and Mr. Rakeshwar Pandey, President, Tisco Mazdoor Union, Adityapur and the other office bearers signed on Unions behalf.

As per the Memorandum of Agreement, the total payout for 30824 eligible employees of all applicable divisions/ Units of the Company on account of annual bonus for the year 2012-2013 will be Rs 180.5 crores approximately.
Out of this, for Growth Shop, an amount of Rs 3 cr approx will be distributed amongst 440 employees. The minimum and maximum annual bonus payable for 2012-13 will be Rs 18986/- and Rs 1,19,287/- 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.

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