Report by OD bureau, Jamshedpur: A Memorandum of Settlement dated 12th October, 2012 has been signed between the Steel Company and The Indian National Mine Workers’ Federation (INMWF), for Annual Bonus for the accounting year 2011-2012. The Union and Management has mutually agreed for introducing scheme for payment of annual bonus. As per the scheme the total payout for 30270 eligible employees of all applicable divisions/ Units of the Company on account of annual bonus for the year 2011-2012 will be Rs 182.47 Crores approx as against Rs 171.70 Cr paid in the previous year
 
Since majority of our employees of the Steel Company 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 our old traditions, the Company is going to pay bonus to all employees in the Unionised category.  For FAMD an amount of Rs 6.23 Cr approx will be distributed amongst all eligible employees at FAMD. The minimum and maximum annual bonus payable for 2011-12 will be Rs 22,109/- and Rs 1,00,391/- respectively.

The Agreement was signed on 12th October, 2012. Mr Partha Sengupta VP (Raw Materials) of Tata Steel, Mr. A M Misra VP (CSI & IR), and other Sr. executives signed on Management’s behalf and Mr. R. C. Pradhan General Secy. Tisco SCM Workers’ Union, Mr. P Venkat Rao General Secy. FMP Employees’ Union, Joda, Mr. A C Jena General Secy, FAP Employees’ Union, Bamnipal , Mr. Pitambar Mohanty General Secy., Mn. Mines Workers’ Union, Joda and respective presidents of the Union signed on the agreement on behalf of their employees.