The company gives Rs 160 crores as Bonus
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A Chinese company named Fangda Special Steel Technology reportedly announced Rs 160 crores as a bonus to its 5,000+ employees. Each employee received to the tune of Rs 3, 20, 000 in cash. The move came in a week’s time, after images of employees carrying piles of cash, emerged on the internet. This bonus too was given by a company belonging to the Fangda group. What’s more surprising is, the company even offered Rs 30,500 to its retired employees and those who are over 60.
The steelmaker posted record level profits after the increase in demand for steel in China in the last year. ‘The government tried to cut down steel production. At the same time, the demand for steel grew in China. This led to higher prices,’ said a market watchdog. The Chinese Steel sector recovered last year, after a series of continuous fallouts in demand for steel supply.
Fangda Special Steel Technology has shown Rs 80,000 crores as its turnover for the 2017-2018 year. Since 2011, the company paid out Rs 610 crores as a bonus for its employees.
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