Last separate bonus deal before merger with Tata Steel
Key Points:
• ISWP and JEMCO agree on bonus distribution up to March 2024
• Rs 2.22 crore to be shared among 460 employees
• Bonus amounts range from Rs 16,500 to Rs 64,500
JAMSHEDPUR – Tata Steel’s Wire Division, ISWP and JEMCO, have concluded their final bonus agreement before merging with Tata Steel.
The agreement, finalized on Tuesday, covers bonus distribution until March 2024.
Moreover, this marks the last separate bonus deal for these companies.
A total of Rs 2.22 crore will be distributed among 460 employees.
Furthermore, individual bonus amounts will range from Rs 16,500 to Rs 64,500.
Employees are set to receive approximately 15% in bonus this year.
The bonus disbursement is expected by September 29, 2024.
Additionally, ISWP will adopt Tata Steel’s bonus structure moving forward.
This approach aligns with the system used by the Tinplate division.
Senior management, including EIC Anurag Pandey, signed the agreement.
On the other hand, union representatives like Rakeshwar Pandey also participated.
The deal ensures fair compensation during the transition into Tata Steel.
Meanwhile, it reflects the company’s commitment to employee welfare.
This agreement paves the way for a smoother integration with Tata Steel’s operations.
