Private Steel Major Tata Steel will pay a total of Rs 270.28 crore as an annual bonus for the fiscal year 2020-2021 to the eligible employees of all applicable divisions/units, the company said in a release. A settlement memorandum was signed Wednesday between Tata Steel and the Tata Workers’ Union for the payment of the annual bonus for the 2020-2021 fiscal year, the company’s press release said.
The total payout for eligible employees of all applicable divisions/units of the company will be Rs 270.28 crore.
From this, various divisions in Jamshedpur including Tubes will receive an amount of Rs 158.31 crore. The minimum and maximum annual bonus to be paid is Rs 34,920 and Rs 3,59,029 respectively.
TV Narendran, CEO & MD, 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 holders signed on behalf of the unions.
A Memorandum of Understanding has also been signed between the steel company and the Indian National Metal Workers’ Federation (INMWF) and Rashtriya Colliery Mazdoor Sangh (RCMS). The total payout due to the annual bonus at Coal, Mines and FAMD is around Rs 78.04 crore.
Another memorandum of settlement was signed on Wednesday between Tata Steel and the Tisco Mazdoor Union. The total payout due to the annual bonus is about Rs 3.24 crore.
The agreement was signed by Avneesh Gupta, VP (TQM and E&P), Atrayee Sanyal, VP (HRM), and other senior executives on behalf of management, and Rakeshwar Pandey, President, Tisco Mazdoor Union, Adityapur, Shio Lakhan Singh, General Secretary , Tisco Mazdoor Union and the other office holders signed on behalf of the unions.
