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Private steel significant Tata Steel Reveals Rs 270.28 Crore Yearly Benefit For 2020-21

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Private steel significant Tata Steel will pay a total of Rs 270.28 crore as yearly perk for the accounting year 2020-2021 to the eligible staff members of all relevant department/ units, the company said in a release.

A memorandum of settlement was signed on Wednesday between Tata Steel and the Tata Workers' Union for payment of annual bonus for the accounting year 2020-2021, the release issued by the company said.The total payout for eligible employees of all suitable departments/ systems of the business will be Rs 270.28 crore.Out of this, different divisions at Jamshedpur including Tubes will receive a quantity of Rs 158.31 crore.

The minimum and maximum yearly benefit payable will be Rs 34,920 and Rs 3,59,029 respectively.T V Narendran, CEO - & MD, Atrayee Sanyal, Vice President (HRM) and other senior executives signed on management's behalf, while Sanjeev Kumar Choudhary, president, Tata Workers Union, Shailesh Kumar Singh, deputy president, Tata Employees' Union, Satish Kumar Singh, general secretary, Tata Workers' Union and other workplace bearers signed on behalf of the unions.Further, a memorandum of agreement has actually likewise been signed in between the steel company, and the Indian National Metal Workers' Federation (INMWF) and Rashtriya Colliery Mazdoor Sangh (RCMS).

Total payment on account of yearly reward at Coal, Mines and FAMD is Rs 78.04 crore approximately.Another memorandum of settlement was signed on Wednesday in between Tata Steel and the Tisco Mazdoor Union.

The overall payout on account of annual benefit is Rs 3.24 crore approximately.The arrangement was signed by Avneesh Gupta, VP (TQM and E&P), Atrayee Sanyal, VP (HRM), and other senior executives signed on management's behalf, and Rakeshwar Pandey, president, Tisco Mazdoor Union, Adityapur, Shio Lakhan Singh, general secretary, Tisco Mazdoor Union and the other office bearers signed on behalf of the unions.




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