Tata Steel announces annual bonus of Rs 270 cr for all eligible employees for year 2020-21

Tata Steel will pay a total of Rs 270.28 crore in yearly bonuses to eligible employees across the company's divisions and units for the fiscal year 2020-2021. According to a press release from Tata Steel, a Memorandum of Settlement was agreed on Wednesday, August 18, between the firm and the Tata Workers' Union for the payment of yearly bonuses for the fiscal year 2020-2021.

Tata Steel bonus

The total compensation for eligible employees of the company's relevant divisions/units will be Rs 270.28 crore. A total of Rs 158.31 crore would be allocated to several divisions in Jamshedpur, including Tubes. The minimum and maximum yearly bonuses are 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, whereas 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 behalf of the union.

In addition, the steel firm and the Indian National Metal Workers' Federation (INMWF), and Rashtriya Colliery Mazdoor Sangh  (RCMS) have signed a Memorandum of Agreement. The total payout on account of annual bonuses at Coal, Mines, and FAMD is estimated to be around Rs 78.04 crore. Tata Steel and the Tisco Mazdoor Union signed another Memorandum of Settlement on Wednesday. The total payout for the annual bonus for the growing shop is estimated to be around 3.24 crore.

The agreement was signed on behalf of management by Avneesh Gupta, VP (TQM and E&P), Atrayee Sanyal, VP (HRM), and other senior executives, and on behalf of the union by Rakeshwar Pandey, president, Tisco Mazdoor Union, Adityapur, Shio Lakhan Singh, general secretary, Tisco Mazdoor Union, and other office-bearers.

More about TATA steel

In 1907, India's Tata Steel became Asia's first integrated private steel firm. The company also built India's first industrial city, Jamshedpur. According to the company's official website, in FY21, it had sales of Rs 91,037 crore and a crude steel capacity of almost 20 MnTPA across its Indian operations. In 2016, they opened their second greenfield steel factory in the eastern state of Odisha, with a capacity of 3 MnTPA; development to 8 MnTPA is presently underway. The company owns and operates captive mines, which allow them to maintain cost-competitiveness and production efficiency by ensuring a steady supply of raw materials.

(with inputs from PTI)

Picture credit: PTI/TWITTER