The SAIL management and the union leaders reached a consensus on bonus on Tuesday at New Delhi. Considering the overall improvement in the company’s performance, it was decided to increase the bonus of all the non-executive of plants/ units by Rs 7,000 before Diwali. 

Further, an amount of Rs 12,500 will be paid for the splendid performance of SAIL in 2021-22, out of which 25% shall be paid in first installment and the remaining 75% will be paid before March 31, 2023.

Similarly, the non-executive trainees would be paid Rs  26,000 as bonus and Rs 7,000 as splendid performance bonus for 2021-22, out of which 25%will be paid now and  the remaining 75% will be paid before March 31.

The amount shall be considered as payment of statutory bonus under Section 31A of Payment of Bonus Act, 2015 for 2021-22 to the non-executive employees. For other non-executive employees, this amount will be considered as annual performance incentive for the Financial Year 2022-23 under SPIS (SAIL Performance Incentive Scheme) 2022-23.  

It was also agreed by the workers’ representatives that the non-executive employees shall make all efforts to achieve the targets of production and techno-economic parameters which will result in improvement in productivity and profitability. Any unauthorised stoppage of work by a non-executive employee that adversely impacts the production and productivity of the company shall make the concern non-executive employee ineligible for the annual benefit.