Tata announces Rs 317 crore bonus for 23,000 employees

JAMSHEDPUR: The employees of Tata Steel will get a bonus of around 20% this year ahead of Durga puja. According to corporate communication officials, Rs 317.51 crore bonus will be distributed among around 23,710 workers which will be transferred to their respective bank accounts by September 15.
The bonus amount is based on the company's profit-sharing formula.This year, the amount is a record in the last 10 years. In 2011, the company gave a bonus of 18.5%. Amid the pandemic, the company gave 12% in 2020 and 15.56% in 2021.
Last year, the total bonus amount given to the employees of the steel major was Rs 270.28 crore. This year, the minimum bonus amount will be around Rs 41,448 and the maximum will be Rs 4,58,411.
Workers along with the bonus amount will get an additional 'goodwill' gift of around Rs 20,000. This amount will be given by the company for the first time to its workers.
The bonus settlement was signed by Tata Steel CEO & MD T V Narendran, vice-president Atrayee Sanyal on management's behalf and president of Tata Workers' Union Sanjeev Kumar Choudhary and other office bearers on union's behalf in presence of deputy labour commissioner Rajesh Prasad.