Private steel major Tata Steel announced a total payout of ₹314.70 crore on account of annual bonus to employees for the year 2022-2023 following the signing of a Memorandum of Settlement with Tata Workers’ Union (TWU) in Jamshedpur.

As per the Memorandum of Settlement the total payout for eligible employees of all applicable divisions of the Company on account of annual bonus will be ₹314.70 crore, the company said in a statement on Monday.

The minimum and maximum annual bonus payable for 2022-23 will be ₹42,561 and ₹4,61,019 respectively.

Since majority of employees of the steel company are drawing salary 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 bonus to all employees in the unionized category, it said.

T. V. Narendran, CEO & MD, Atrayee Sanyal, Vice President (HRM) and other senior executives signed on management’s behalf and Sanjeev Kumar Choudhary, president and Satish Kumar Singh, general secretary, TWU and other office bearers signed on union’s behalf in presence of Rakesh Prasad, Deputy Labour Commissioner, Jamshedpur.