Tata Steel employees have reason to celebrate as the company announced a bonus payout of ₹303.13 crore for FY 2024-25, following a settlement agreement with the workers’ union in Jamshedpur. Of this, ₹152.44 crore will be distributed as annual bonus among 11,446 employees from its Jamshedpur divisions, including the tubes unit, the company said.
Tata Steel stated that, as per the memorandum of settlement with the Tata Workers’ Union (TWU), eligible employees across all applicable divisions and units will receive a total annual bonus of ₹303.13 crore for FY 2024-25.
Under the bonus scheme, employees with full attendance will receive a minimum payout of ₹39,004, while the maximum bonus, calculated based on actual attendance, can go up to ₹3,92,213.
“Since the majority of our employees of the steel company are drawing salary/wages higher than the limit laid down in the Payment of Bonus (Amendment) Act, 2015, they are not eligible for bonus under the Act. However, respecting our old traditions, the company is going to pay a bonus to all employees in the unionised category,” the statement said.
The memorandum of settlement on behalf of management was signed by Tata Steel CEO and MD T V Narendran, Chief People Officer Atrayee Sanyal, and other senior executives.
Tata Steel has consistently awarded bonuses through union agreements in previous years. This bonus payout reflects the company’s commitment to employee welfare. By voluntarily offering this benefit, the company also strengthens a culture of respect and solidarity.
