The wait was finally over for the employees of the steel major as a memorandum of settlement for annual bonus was signed between Tata Steel and Tata Worker's Union for the accounting year 2013-14 on Sunday.
The minimum bonus to be paid out will be Rs 20,498 while the maximum amount is Rs 1,56,758 for an eligible Tata Steel employee.
According to a memorandum of settlement signed between the management of the steel company and the Tata Workers Union (TWU), the total payout for 30269 eligible employees of all applicable division/units of the company would be Rs 193.34.
Out of this, for divisions at Jamshedpur including Tubes Division, an approximate amount of Rs 109.67 crores will be distributed as annual bonus amongst 16,687 employees. However, the company agreed to pay bonus to all employees in the unionised category to respect the tradition, it stated.
Tata Steel Managing Director TV Narendran and other senior executives signed the agreement on behalf of the management and President of Tata Workers Union PN Singh and other office- bearers signed for the union.