Tata Steel will pay its workers across all its plants a record bonus for 2020-21 on the back of bumper profits in the last financial year. The company has signed MoU with the worker’s Union.
The Memorandum of Understanding (MOU) was signed by T V Narendran, CEO & Managing Director, Tata Steel, and Sanjeev Choudhary, President, Tata Workers’ Union.
Atrayee Sarkar, Vice President, HR, Tata Steel, Zubin Palia, Chief Group HR & IR, Tata Steel along with Tata Workers Union Deputy President Shailesh Singh, General Secretary Satish Kumar Singh were also present during the signing of the bonus agreement.
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Tata Steel has announced an annual bonus of 16 percent for the year 2020-21 compared to 12.9 % during the previous year. The total amount available for disbursement as annual bonus to the workers of the company for the accounting year 2020-21 is Rs 270.28 crore. The bonus amount has been increased by around 35 crore as compared to last year.
The minimum bonus payable at full attendance will be Rs 34,290 whereas the maximum bonus payable will be Rs 3,59,029. According to Union officials, the bonus amount will be credited to the employees’ bank account by 22 August 2021.
The total number of employees to whom the bonus will be paid in Jamshedpur including Tubes and employees in T Series and NS Series of grades is 12,558 while total of 22871 employees of the company from all locations will be benefitted. Of the Rs 270.28 crore bonus amount, Jamshedpur and Tube Division employees will get Rs 158.31 crore in comparison to Rs 142.04 crore they received last year.
