Tata Steel to pay Rs 100 cr as bonus to its employees

Mumbai, Aug 4 (UNI) Tata Steel will be paying its 35,600 employees in non-officer category an yearly bonus of Rs 100 crore approximately.

A Memorandum of Settlement has been signed to this effect between Tata Steel management and the Tata Workers' Union and other Unions of Raw Materials Division of the company on Thursday last for the accounting year 2005-06.

Tata Steel's MD B Muthuraman and Mr Raghunath Pandey, President, Tata Workers Union, and senior executives of the Company and other union officer bearers signed the Settlement in the Board room at Jamshedpur in the presence of conciliation Officer and Deputy Labour Commissioner, Jamshedpur, said a Tata press release here.

The Annual Bonus for the year is to be calculated on the basis of 50 per cent on production and 50 per cent on profitability. Based on this calculation, the bonus works out to be 20 per cent of salary/ wages (Basic and DA) paid for the year 2005-06. The minium and the maximum annual bonus payable will be Rs 8,818 and Rs 64,666 respectively.

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