Tata Steel bonus: employees of the steel conglomerate will receive a bonus of Rs 35,000 to Rs 3.59 lakh

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Image source: PTI (FILE / ROPPED)

Tata Steel announces bonus for its employees

Private steel major Tata Steel will pay a total of Rs 270.28 crore as an annual bonus for fiscal year 2020-2021 to its eligible employees from all relevant divisions / units of the company, according to a statement.

A memorandum of understanding was signed on Wednesday between Tata Steel and the Tata workers’ union, for the payment of an annual bonus for the 2020-2021 fiscal year, according to the statement released by the company. The total payment for eligible employees from all applicable divisions / units of the company will be Rs 270.28 crore.

From this various divisions in Jamshedpur including Tubes an amount of Rs 158.31 crore will be donated. The minimum and maximum annual bonuses payable will be Rs 34,920 and Rs 3,59,029 respectively.

TV Narendran, CEO and Managing Director, Atrayee Sanyal, Vice President (HRM) and other senior executives signed on behalf of management while Sanjeev Kumar Choudhary, President, Tata Workers Union, Shailesh Kumar Singh, Vice President, Tata Workers ‘Union, Satish Kumar Singh, General Secretary, Tata Workers’ Union and other office members signed on behalf of the union.

In addition, a Memorandum of Understanding was also signed between the steel company and the Indian National Metalworkers Federation (INMWF) and Rashtriya Colliery Mazdoor Sangh (RCMS). The total annual bonus payout to Coal, Mines and FAMD is approximately Rs 78.04 crore.

Another memorandum of understanding was signed Wednesday between Tata Steel and the Tisco Mazdoor union. The total annual bonus payment for the Growth Store is approximately Rs 3.24 crore.

The agreement was signed by Avneesh Gupta, Vice President (TQM and E&P), Atrayee Sanyal, Vice President (HRM) and other senior executives signed on behalf of management and Rakeshwar Pandey, President, Tisco Mazdoor Union, Adityapur, Shio Lakhan Singh, Secretary General, Tisco Mazdoor Union and other officers signed on behalf of the Union.

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