Worker’s union and management sign agreement for 2023-2024
Key Points:
• Bonus increased from 19.25% to 19.75% after union negotiation
• Maximum bonus set at ₹1,40,000, minimum at ₹95,000
• Bonus to be credited with September salary
JAMSHEDPUR – Timken Worker’s Union and management signed an annual bonus agreement for 2023-2024, benefiting 200 employees at the Jamshedpur plant.
The bonus percentage was initially set at 19.25% based on a predetermined formula.
However, the management agreed to an additional 0.5% at the union’s request.
Consequently, employees will receive a 19.75% bonus this year.
Moreover, a bonus formula for 2024-2025 has been established based on profit after tax and plant matrix parameters.
The agreement stipulates a maximum bonus of ₹1,40,000 and a minimum of ₹95,000 per employee.
Furthermore, the bonus amount will be credited to employees’ bank accounts along with their September salary.
Management representatives, including General Manager Plant Operation Rajeev Sashwat, signed the agreement.
On the other hand, union leaders such as President Astik Mahato and General Secretary Vijay Yadav represented the workers.
The union’s executive committee was first informed about the 19.75% bonus in a meeting.
Subsequently, employees celebrated the news by garlanding union officials.
Union President Astik Mahato expressed satisfaction with the bonus percentage.
He stated that the increased bonus would boost employee morale and productivity.
Additionally, Mahato emphasized the union’s commitment to working with management for workers’ welfare.
The union leaders attributed the favorable bonus to the hard work and dedication of the employees.
In conclusion, the bonus agreement marks a positive development for Timken’s workforce in Jamshedpur.
