Tata Steel to pay Rs 165 cr for annual bonus

Private steel major Tata Steel will pay Rs 165 crore on account of annual bonus to its employees for the accounting year 2016-17.

A Memorandum of Settlement has been signed here today between the company management and the Tata Workers' Union in this regard, a Tata Steel release said.

A total of 26,095 eligible employees will get the bonus in the range of Rs 17,193 and Rs 1,72,365.

The release said though majority of the employees draw salary or wage higher than the legal limit to be eligible to get bonus, the company is going to pay bonus to all employees in the unionised category respecting the old tradition.

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