Private steel major Tata Steel will pay Rs 193.34 crore to its 30,269 eligible employees on account of annual bonus for the year 2013-14, with the maximum bonus being Rs 1,56,758.
A Memorandum of Settlement was signed today between company management and Tata Workers' Union for annual bonus, the company said in a statement.
The minimum and maximum annual bonus would be Rs 20,498 and Rs 1,56,758 respectively, it said.
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, it said.
