Tata Steel Declares ₹303.13 Crore Bonus for Employees for FY’25

Tata Steel signs MoU with Tata Workers’ Union to distribute ₹303.13 crore bonus among employees for FY 2024-25 in Jamshedpur
Tata Steel Rewards Workforce | ₹303.13 Cr Bonus Payout Signed with Tata Workers’ Union for FY 2024-25

Tata Steel announced a generous bonus payout of Rs 303.13 crore to its employees for the 2024-25 fiscal years on Thursday. This follows the signing of a memorandum of settlement with the workers’ union in Jamshedpur. The steelmaker announced that a total of Rs 152.44 crore will be distributed as an annual bonus among 11,446 employees across its divisions in Jamshedpur, including those in the tubes division.

As per the memorandum of settlement (MoS) signed with the Tata Workers’ Union (TWU), the total payout for eligible employees across all relevant divisions and units for the annual bonus in the fiscal year 2024-25 will amount to Rs 303.13 crore, the company announced in a statement. The statement specifies that the minimum annual bonus for 2024-25, based on full attendance, will be ₹39,004, while the maximum bonus, based on actual attendance, will be ₹3,92,213.

“Although the majority of our employees at the steel company earn salaries or wages that exceed the eligibility threshold set by the Payment of Bonus (Amendment) Act, 2015, and are therefore not entitled to a bonus under the Act, the company remains committed to honouring its longstanding traditions. As such, a bonus will be paid to all employees in the unionised category,” the statement noted.

Tata Steel’s CEO and MD, T.V. Narendran, along with Chief People Officer Atrayee Sanyal and other senior executives, signed the memorandum of settlement on behalf of the management. The event was also attended by Arvind Kumar, Deputy Labour Commissioner of Jharkhand and Conciliation Officer for Jamshedpur. The agreement was signed on behalf of the union by Sanjeev Kumar Choudhary, President of the Tata Workers’ Union, Satish Kumar Singh, General Secretary, and the other office bearers.

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