Tata Steel announces Rs 235-cr bonus payout to employees for 2019-20

Tata Steel on Monday said it will pay Rs 235.54 crore in bonus to its employees for FY 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 company said. Tata Steel has reported losses in the past two quarters.

Tata Steel on Monday said it will pay Rs 235.54 crore in bonus to its employees for FY 2019-20. A Memorandum of Settlement was signed on Monday between the management of Tata Steel and Tata Workers' Union (TWU) for the payment of the annual bonus, Tata Steel said in a statement.

The memorandum was signed by Tata Steel CEO and Managing Director T V Narendran and TWU President R Ravi Prasad, it said. "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 company said.

Tata Steel has reported losses in the past two quarters.            During April-June 2020-21, the company reported a consolidated loss of Rs 4,648.13 crore. During the fourth quarter of 2019-20, the company had posted a loss of Rs 1,615.35 crore..