SME Times is powered by   
Search News
Just in:   • Biden spokesperson dismisses Trump's plan to lift travel curbs  • Delayed bid cannot be considered under IBC even if better: NCLAT  • Hong Kong's unemployment rate hits 16-yr high  • Exporters pin hopes on Budget  • Healthcare sector revenues likely to grow by 20% in FY22: ICRA 
Last updated: 15 Sep, 2020  

Tata9.thmb.jpg Tata Steel inks deal to pay annual bonus to employees

Tata9.jpg
   Top Stories
» 12th instalment of Rs 6K cr released to states
» UP fifth largest exporter during pandemic
» 'Atmanirbhar Bharat' does not mean isolated India: Prasad
» Sensex jumps 800 pts; Nifty 239 pts
» Need to leverage demographic dividend: Naidu
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.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 20 Jan, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» 'Ageing of India's workforce not favourable for strong recovery'(1)
» MSME Budget expectations(1)
» FM to present Budget on Feb 1(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter