Despite Covid-19, Tata Steel to pay Rs 235-cr bonus to employees for FY20

The memorandum was signed by Tata Steel CEO and Managing Director T V Narendran and TWU President R Ravi Prasad

Tata Steel on Monday said it will pay Rs 235.54 crore in bonus to its employees for FY2019-20.

A Memorandum of Settlement was signed on Monday between the management of Tata Steel and Tata Workers' Union (TWU) for the payment of the annual bonus, Tata Steel said in a statement.

The memorandum was signed by Tata Steel CEO and Managing Director T V Narendran and TWU President R Ravi Prasad, it said.

"Rs 235.54 crore bonus declared for accounting year 2019-20. Despite a difficult year due to Covid-19, Tata Steel honoured its 3-year commitment to ensure complete bonus payment to employees," the company said.

Tata Steel has reported losses in the past two quarters.

During April-June 2020-21, the company reported a consolidated loss of Rs 4,648.13 crore. During the fourth quarter of 2019-20, the company had posted a loss of Rs 1,615.35 crore.