Tata Steel Announces Over Rs 193 Crore Annual Bonus

Private steel giant Tata will pay Rs 193.34 crore to its 30,269 eligible employees as annual bonus for the year 2013-14. As per a statement issued by the company, the minimum and maximum annual bonus would be Rs 20,498 and Rs 1,56,758, respectively.

A Memorandum of Settlement was signed today between the company’s management and Tata Workers' Union for annual bonus for accounting year 2013-14, the company said in the statement.

Since majority of the employees are drawing salary/wages higher than the limit laid down in the Payment of Bonus Act, 1965, they are not eligible for bonus under the Act. However, respecting the old tradition, the company is going to pay bonus to all employees in the unionised category.