Tata Steel to disburse bonus to employees

Jamshedpur: In some respite ahead of Vishwakarma Puja for its employees amid the economic slump triggered by the Covid-19 pandemic, Tata Steel has said it will disburse the annual bonus for its employees for the last financial year.
A company statement signed by CEO and MD T V Narendran and Tata Workers Union (TWU) president R Ravi Prasad, said the bonus will be based on 1.5% of the company’s net profit and the amount will be based on performance achievement on profitability, productivity and safety parameters. The total amount available for disbursement as annual bonus to applicable divisions and units of the company (including Tata Steel, Kalinganagar) is Rs 235.54 crore.
Veteran union functionary Rakeshwar Pandey said: “The bonus agreement of Tata Steel must be appreciated. It will send a positive message to the corporate world.” A senior functionary of Tata Workers Union (TWU) said the management could have withheld the bonus agreement for a few months citing these difficult times. “Employees should learn to use the money judiciously and focus on saving the cash at disposal,” he said.
The Jharkhand Youth INTUC president, Shailesh Pandey, said Tata Steel has set a precedent before the corporate world how it can run a business while taking the workers into confidence. “The bonus agreement between the management and the workers union of Tata Steel has raised hopes for the ancillary workers in Adityapur industrial area that they too will get a bonus in their respective factories although the industrial area is facing a slowdown for past one year,” Pandey said.
Former chief minister Raghubar Das said, “Amid the pandemic, which has affected countries across the world and led to a global economic slowdown, the bonus agreement of the Tata Steel is laudable. True to its honoured legacy, the company kept the labourer’s interest on the top.”