Tata Steel to pay Rs 130 crore as annual bonus to its employees

Tata Steel, one of the world’s biggest steelmakers, has decided to pay around Rs 130 crore as annual bonus to its eligible employees for the year 2015-16.  For this year’s annual bonus, the company has signed a memorandum of settlement (MoS) with its workers Union.  As per the MoS, the annual bonus payout for 28,436 eligible employees of all applicable divisions and units of the company for 2015-16 would be Rs 130 crore. Out of this, for divisions at Jamshedpur, including the Tubes Division, an amount of Rs 75.77 crore would be distributed as annual bonus among 15,575 employees. The minimum and maximum annual bonus payable for the year would be Rs 16,800 and Rs 121,365 respectively.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.