Tata Steel announces 20% annual bonus

Jamshedpur, Aug 4 (UNI) Tata Steel employees will be paid an annual bonus of 20 per cent for the financial year 2005-06.

A memorandum of settlement (MoS) was signed between the company management, led by managing director B Muthuraman, and president of Tata Workers' Union(TWU) Raghunath Pandey here yesterday, a company release said today.

The bonus payable for the fiscal 2005-06 in accordance with the terms of the MoS inked on Augurst 20,2002 worked out to 9.26 per cent on production and 10 per cent on profitability thus making a total of 19.26 per cent of salary wages(basic and dearness allowances).

UNI BDG PL KLC1713