Tata Steel to disburse Rs 180.5-cr bonus in FY13

Tata Steel Ltd today said it will payout a total amount of Rs 180.5 crores for its 30,824 eligible employees as part of the annual bonus for the year ended March.

The steel company today signed a memorandum of settlement with Tata Workers Union for the same. As per the memorandum, Tata Steel will be disbursing bonuses to employees of all divisions, it said.

Of this, at Jamshedpur, an amount of about Rs 103.6 crore will be distributed to 17,254 employees. The Jamshedpur division will include employees of the tubes unit as well, said the company.

A minimum and maximum annual bonus payable for 2012-13 (Apr-Mar) will be Rs 13,311 and Rs 143,653 respectively, said Tata Steel.

Since most of Tata Steel’s employees are drawing salaries higher than the limit chalked out in the Payment of Bonus Act, 1965, they are not eligible for bonus under the Act.

"Respecting our old traditions, the company is going to pay bonus to all employees in the unionised category," said Tata Steel.