Tata Steel has announced the bonus of Rs 235.54 crore for its employees for the financial year 2019-20.
According to the company statement, a Memorandum of Settlement was signed on September 14th 2020, between the management of Tata Steel and Tata Workers’ Union (TWU) for the payment of the annual bonus.
"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 steel maker stated.
Tata Steel CEO and Managing Director T V Narendran and TWU President R Ravi Prasad have signed the memorandum.
Tata Steel has reported losses in the last two quarters. During April-June 2020-21, the steel maker reported a consolidated loss of Rs 4,648.13 crore, while the fourth quarter of 2019-20, it had witnessed a loss of Rs 1,615.35 crore.
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