Tata Steel employees may get Rs 300 crore bonus, union talks with management on September 4

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Jamshedpur, Ashok Jha: Tata Steel employees will get great news on Monday. Tata Steel Management and Tata Workers Union are going to announce the bonus agreement on Monday. Tata Steel CEO cum MD TV Narendran will hold talks with the union on Monday at 11 am in the MD office regarding the annual bonus. 12: 30 pm Tata Steel Management, Tata Workers Union and Deputy Labor Commissioner can sign the bonus agreement. The eyes of the townspeople along with the employees are fixed on the bonus talks to be held tomorrow.

Possibility of getting 17 to 18 percent bonus

This year the employees of Tata Steel are likely to get 17 to 18 percent bonus. 17 to 18 percent bonus on agreement Bonus Under this item, Rs 280 to 290 crore will be distributed among the employees. However, the union is trying to get 20 percent bonus to the employees. If the union leadership is successful in this, then the amount of bonus is estimated to be around 300 crores. Bonus is calculated on Net Profit, Productivity and Safety. This year the amount will be deducted in the safety criteria, last year the full amount was received in the safety.

Rs 317.57 crore was received last year

In the year 2022, the total amount of bonus in Tata Steel was Rs 317.57 crore and Rs 47.42 crore including goodwill amount, a total of Rs 364.93 crore was distributed. The amount of 317.51 ​​crore was for all the locations of the country including Tata Steel Jamshedpur. The total number of employees of all these locations was 23710 last year, whose basic and DA amount was 1587 crores. 20 percent of this Bonseval salary was 377.51 crores. Of this, the bonus of Tata Steel Jamshedpur and Tube Division was Rs 188.64 crore, while in 2021 this amount was Rs 158.31 crore. Similarly, the employees of Jamshedpur and Tubes got 30 crore more as bonus last year, still the bonus will be according to the old formula. Whereas in 2021 it was Rs 270.28 crore.

Bonus agreement will be based on the old formula

This year also the bonus in Tata Steel will be based on the old formula. Tata Steel has a bonus formula for the year 2023-2024, under which 1.5 percent of profit, profit per ton of salable steel on profitability, productivity per ton of crude steel produced per person per year and on the basis of safety i.e. LTIR There will be an agreement till the year 2024. Even before the year 2012, bonus settlement was done on the basis of percentage. But from the year 2012 onwards formula based bonus agreement was done. But there was a condition in this formula that if the amount of bonus (per employee) is more than 20 percent, then 20 percent bonus will be applicable instead of the formula. There is a provision of profit sharing bonus in Tata Steel.

There is no provision for more than 20 percent bonus.

Tata Steel has got 41,749 crore bonus in the financial year 2021-22. Under the formula, 1.5 percent of the total profit was given as bonus. That is, the bonus amount was Rs 626 crore. About 150 crore rupees would have been received in other items also, which was more than 50 percent of the total amount. There is no provision of more than 20 percent bonus by law, so the old formula could not be fully implemented. The union did not want to miss the opportunity of better bonus on the better profits made by the company, so the demand of cash gift (goodwill amount) of Rs. The formula will be applicable till the year 2023-24. According to union sources, the agreement between the management and the union on the bonus formula has almost been finalized and in the earlier talks.

Agreement will be held in Tata Growth Shop today

According to the tradition going on from the past, the agreement on the annual bonus of Tata Growth Shop employees is going to be done on Monday. According to the agreement reached between the Tata Growth Shop management and the union last year, the bonus amount of Rs 3.49 crore was divided among 267 employees of the company. In which the minimum bonus was Rs 72,624 and Rs 20,000 Goodwill amount while the maximum bonus amount was Rs 3,35,692 and Rs 20,000 Goodwill amount.

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