SME Times News Bureau | 15 Sep, 2020
The Tata Steel management and Tata Workers' Union on Monday signed a
memorandum of settlement for the payment of annual bonus to the
employees for the accounting year 2019-20.
To honour its
three-year commitment to ensure complete bonus payment to the employees
even during the Covid-19 pandemic, the memorandum was signed by Tata
Steel Chief Executive Officer (CEO) and Managing Director (MD) T.V.
Narendran and Tata Workers' Union President R. Ravi Prasad.
The
union and management had mutually agreed to revise the existing annual
bonus scheme making it applicable for 2017-18, 2018-19 and 2019-20.
The
agreement was made to pay annual bonus based on 1.5 per cent of net
profit and the amount arrived based on performance achievement on
profitability, productivity and safety parameters to be distributed as
annual bonus to all the eligible employees at different locations of the
company.
The total amount available for disbursement as annual
bonus to applicable divisions or units of the company for the accounting
year 2019-20 is Rs 235.54 crore, said a communication released by Tata
Steel.
The total number of employees to whom the bonus will be
paid in Jamshedpur is 12,807. This includes employees of tube division
and those in T-series and NS-series of grades.
