This Tata Company Offers Rs 3.5 Lakh Incentives To Employees; Will Spend Rs 270 Crore

According to a press release, Tata Steel will pay a total of Rs 270.28 crore as annual bonuses to eligible employees across the company’s divisions and operations for the year 2020-2021.

Tata Steel Annual Bonus For The Eligible Employees 

According to a press release from Tata Steel, a Memorandum of Settlement was signed on Wednesday. It was between the firm and the Tata Workers’ Union for the payment of yearly bonuses for the year 2020-2021.

Tata Steel will pay almost Rs 270.28 crore to all the eligible employees of all applicable divisions/ units.

The Minimum And Maximum Annual Bonus Payable 

A total of Rs 270.28 crore would be paid out to eligible employees. A total of Rs 158.31 crore will be allocated to Jamshedpur’s various divisions, including Tubes.

The minimum and maximum annual bonuses payable will be Rs 34,920 and Rs 3,59,029 respectively.

Memorandum Of Settlement 

T V Narendran, CEO & MD, Atrayee Sanyal, Vice President (HRM) and other senior executives signed on management’s behalf while Sanjeev Kumar Choudhary, president, Tata Workers Union, Shailesh Kumar Singh, deputy president, Tata Workers’ Union, Satish Kumar Singh, general secretary, Tata Workers’ Union and other office bearers signed on Union’s behalf.

Steel Company, INMWF And RCMS

• Memorandum of Agreement has also been signed between the steel company and the Indian National Metal Workers’ Federation (INMWF) and Rashtriya Colliery Mazdoor Sangh (RCMS).
• Total annual bonus at Coal, Mines and FAMD is Rs 78.04 crore approximately.

Tata Steel And The Tisco Mazdoor Union

• This Memorandum of Settlement was signed on Wednesday.
• It was between Tata Steel and the Tisco Mazdoor Union.
• The Total annual bonus for the growth shop is Rs 3.24 crore approximately.
• The Agreement Was Signed By Avneesh Gupta, VP (TQM and E&P), Atrayee Sanyal, VP (HRM), and other senior executives signed on management’s behalf and Rakeshwar Pandey, president, Tisco Mazdoor Union, Adityapur, Shio Lakhan Singh, general secretary, Tisco Mazdoor Union and the other officers signed on Union’s behalf.