19 Aug , 2021 By : Kanchan Joshi
Tata Group's steel subsidiary Tata Steel will pay a total of Rs270.28 crore as annual bonus to its eligible employees for 2020-2021 of all applicable units of the company. Tata Steel is one of the leading steel manufacturing companies of India.
A Memorandum of Settlement was signed on Wednesday between Tata Steel and the Tata Workers’ Union, for payment of annual bonus for the accounting year 2020-2021, the release issued by the company said as reported by news agency PTI.
Out of this, various divisions at Jamshedpur including Tubes, an amount of Rs158.31 crore will be given. The minimum and maximum annual bonus payable will be Rs34,920 and Rs3,59,029 respectively.
T V Narendran, CEO & MD, Atrayee Sanyal, Vice President (HRM) and other senior executives signed on management’s behalf while Sanjeev Kumar Choudhary, president, Tata Workers Union, Shailesh Kumar Singh, deputy president, Tata Workers’ Union, Satish Kumar Singh, general secretary, Tata Workers’ Union and other office bearers signed on Union’s behalf.
Further, a Memorandum of Agreement has also been signed between the steel company and the Indian National Metal Workers’ Federation (INMWF) and Rashtriya Colliery Mazdoor Sangh (RCMS). Total payout on account of annual bonus at Coal, Mines and FAMD is Rs78.04 crore approximately.
Another Memorandum of Settlement was signed on Wednesday between Tata Steel and the Tisco Mazdoor Union. Total payout on account of annual bonus for growth shop is Rs3.24 crore approximately.
Tata Steel is multinational steel producer based in Jamshedpur, Jharkhand, and is headquartered in Mumbai, Maharashtra, India. India's leading steelmaker's consolidated net profit stood at Rs9,768 crore in the quarter ended 30 June, 2021. The steelmaker had posted a net loss of Rs4,648 crore in the year-ago period.
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