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Last Updated : Sep 14, 2020 09:00 PM IST | Source: PTI

Tata Steel management, workers' union sign pact for annual bonus payment

"Despite a difficult year due to COVID-19, Tata Steel honoured its three-year commitment to ensure complete bonus payment to employees," the steel major said in a release.

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Tata Steel on September 14 said its management and Tata Workers Union have signed a Memorandum of management and Tata Workers Union have signed a Memorandum of Settlement for payment of annual bonus for the accounting year2019-20.2019-20.

"Despite a difficult year due to COVID-19, Tata Steel honoured its three-year commitment to ensure complete bonus payment to employees," the steel major said in a release.

The union and management have mutually agreed to revise the existing annual bonus scheme and make it applicable for financial years 2017-18, 2018-19 and 2019-20 for all eligible employees in different locations of the company, it said.

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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, the release added.
First Published on Sep 14, 2020 09:00 pm
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