Financial Daily from THE HINDU group of publications
Thursday, Aug 12, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 12, 2004 |
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Corporate
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Announcements 20% bonus for Tata Steel staff Our Bureau
MUMBAI: Tata Steel on Wednesday announced that it has concluded its annual bonus agreement for the year 2003-04. As per the memorandum of settlement between the company and the Tata Workers' Union, the annual bonus linked with production and profitability works out to 19.70 per cent of salary/wage paid to an employee during the year. "On the request of the Union and in consideration of the satisfactory performance during 2003-04, it has been agreed, as a gesture of good will, to round off the bonus percentage from 19.70 per cent to 20 per cent of salary already paid. At 20 per cent, the minimum and the maximum annual bonus payable will be Rs 13,687 and Rs 55,768 respectively. The total bonus payout for the year 2003-04 will be Rs 102 crore. Nearly, 41,000 employees would be paid annual bonus.
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