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Our Bureau

Mumbai, Sept. 5 Tata Steel will pay 20 per cent annual bonus to employees of its India operations.

The minimum and maximum bonus payable would be Rs 9,154 and Rs75,372 and the amount being paid across Tata Steel (India operations) would be Rs 113.80 crore for 2007-08.

Most of the employees were drawing higher than the limit laid down in the Payment of Bonus Act (1965), and as such were not eligible for the bonus.

However, respecting old traditions, the company was going to pay bonus to all employees in the unionised category, a company release said.

This follows the signing of the memorandum of settlement between Tata Steel and the Tata Workers’ Union for the annual bonus for the accounting year on Friday.

More Stories on : Announcements | Steel | Human Resources | Tata Steel Ltd

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