“BALCO Employees to Get 15% Hike in Bonus this Year”
Korba, October,09 2024 – In a welcome move, BALCO employees will receive a 15% increase in their bonus this year, compared to the previous year’s amount. The company’s management and trade union leaders finalized the agreement on Tuesday.
According to sources, the bonus amount for each employee will be approximately ₹1.65 lakh, up from ₹1.42 lakh last year. This development has brought cheer to the employees, particularly with the festive season of Durga Puja, Dussehra, and Diwali around the corner.
The bonus payment will benefit around 860 regular employees and 5,300 contract workers under the Long Term Settlement (LTS) scheme. The company will transfer the bonus amount to the employees’ accounts before Dussehra.
As per the agreement, contract workers under the LTS scheme will receive 8.3% of their wages as bonus, in accordance with legal provisions. The company has completed preparations for the bonus payment and will disburse it soon.
This bonus hike is expected to boost the local economy, with employees likely to spend their bonus amounts during the festive season.
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