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Tata Steel to give bonuses to its employees amid Coronavirus pandemic, losses up to two quarters

Sept. 16, 2020, 3:36 p.m.

New Delhi: Tata Steel on Wednesday announced a bonus of Rs 235.54 crore for its employees for the financial year 2019-20.  The company in a statement said that an agreement has been reached between the management and the union which was signed by managing director TV Narendran on behalf of management and chairman R Ravi Prasad on behalf of Tata Workers Union.

The company said that it has been a difficult year for the management due to the corona virus pandemic but it has been decided to fulfill the three-year promise of giving bonuses to employees while the company has also incurred losses in the last two quarters. The company incurred a loss of Rs 4,648.13 crore in the April-June quarter of the current financial year where previously, the company had a loss of Rs 1615.35 crore in the last quarter of the last financial year.

According to the agreement, this year, Rs 235.54 crore will be distributed among the employees. Out of which, Rs 142.05 crore will be distributed among 12,807 employees in the Jamshedpur unit and Tube Division.

Last year, a bonus of Rs 239.61 crore was received, in which an amount of 131.22 crore was distributed among 13675 employees of Jamshedpur and Tube division. Based on calculation in percentage, 15.86 percent bonus was received and NS grade employees received a minimum of Rs 34764 and a maximum of Rs 63,945 whereas the total bonus was fixed at 1510.67 crore last year and the bonus agreement was signed on 24 September last year.

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