Compensation & Benefits

Tata Steel Plant, Jindal Steel Plant & Vizag Steel Plant

Working Group: V2
 Introduction

What is compensation ?

What are the objectives of the compensation ?

What are the types of compensation ?

 Relevance in Steel Industry

➢ Increased employee motivation

➢ Increased productivity

➢ Employee Loyalty

➢ Career Development

➢ Goodwill in the industry, attracting the best talent

 TATA Steel

1. Health and wellbeing.

2. Ensuring access to nutritious food
3. Setting high standards for health & safety
4. Families and celebrations
 Jindal Steel

1. Performance based remuneration

2. Commission
3. Sitting Fees
 Vizag Steel

1. Performance Linked Benefit Scheme(PLBS)

2. Employees’ Family Benefit Scheme
3. Incentive for acquiring prescribed Professional Qualifications
4. Superannuation Benefit Scheme
5. Advances like Motor Vehicle / Cycle Advance
 TATA Steel

Recent Changes in the Compensation and benefits policies:

1. Salaries to the families of employees who died in the pandemic.

2. WFH Policy
3. Superannuation Fund
4. Covid Fund
 Vizag Steel

Recent Changes in the Compensation and benefits policies:

1. Pension Scheme
2. RINL- Care
3. Pension Scheme
4. Wage Revision
 Future Direction of Policies

Tata Steel:
Implementation of latest tools and technologies
Percentage of WFH Employees
Agile Method which helps in WFH-For people with disabilities

Vizag Steel:
Skill Development for the workers(Training in various technologies)
Setup of Educational Institutions
Introduction of more statutory welfare benefits