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Tata Steel signs agreement of annual bonus with union

Tata Steel on Monday said it will pay Rs 235.54 crore in bonus to its employees for FY 2019-20.

A Memorandum of Settlement was signed on Monday between the management of Tata Steel and Tata Workers Union (TWU) for the payment of the annual bonus, Tata Steel said in a statement.

The memorandum was signed by Tata Steel CEO and Managing Director T V Narendran and TWU President R Ravi Prasad, it said.

Rs 235.54 crore bonus declared for accounting year 2019-20. Despite a difficult year due to Covid-19, Tata Steel honoured its 3-year commitment to ensure complete bonus payment to employees, the company said.Tata Steel has reported losses in the past two quarters.

During April-June 2020-21, the company reported a consolidated loss of Rs 4,648.13 crore. During the fourth quarter of 2019-20, the company had posted a loss ofRs 1,615.35 crore.