Tata Steel honours commitment to ensure complete bonus payment to employees ~Rs 235.54 crore bonus declared for accounting year 2019-20

Jamshedpur, The Tata Steel management and Tata Workers’ Union signed a Memorandum ofSettlement on September 14, 2020 for payment of Annual Bonus for the accounting year 2019-20. Thememorandum was signed by Mr T V Narendran, CEO & Managing Director, Tata Steel and Mr R Ravi PrasadPresident, Tata Workers` Union.Despite a difficult year due to COVID-19, Tata Steel honoured its 3-year commitment to ensure complete bonuspayment to employees. The Union and Management had mutually agreed to revise the existing annual bonusscheme and make it applicable for financial years 2017-18, 2018-19 and 2019-20 to pay annual bonus basedon 1.5% percentage of Net Profit plus and amount arrived based on performance achievement on profitability,
productivity and safety parameters to be distributed as annual bonus to all eligible employees of differentlocations of the Company.The total amount thus available for disbursement as annual bonus to applicable Divisions or units of theCompany (including TSK) for the accounting year 2019-20 is Rs 235.54 crore. Total number of employees towhom the bonus will be paid is Jamshedpur is 12, 807. This includes employees of Tubes Division andemployees in T series & NS series of grades.