Tata Steel offers 20 per cent bonus to workers

Kolkata, Sep 5 (UNI) Tata Steel today declared 20 per cent bonus for some of its 33,000 workers for 2006-07 after a Memorandum of Settlement was signed between the management and Tata Workers' Union.

At 20 per cent bonus, the minimum and maximum bonus payable are Rs 9083 and Rs 69,452 respectively, which will cost the company about Rs 107 crore.

The MoS of August 20, 2002, which was valid for 5 years till the year 2005-06, had been extended for 2006-07, a company release said today.

Tata Steel Managing Director M Muthuraman and TWU president Raghunath Pandey had signed the bonus agreement in Jamshedpur.

UNI