Tata Metal on Monday mentioned it should pay Rs 235.54 crore in bonus to its workers for FY 2019-20.
A Memorandum of Settlement was signed on Monday between the administration of Tata Metal and Tata Employees’ Union (TWU) for the fee of the annual bonus, Tata Metal mentioned in an announcement.
The memorandum was signed by Tata Metal CEO and Managing Director T V Narendran and TWU President R Ravi Prasad, it mentioned.
“Rs 235.54 crore bonus declared for accounting 12 months 2019-20. Regardless of a troublesome 12 months resulting from Covid-19, Tata Metal honoured its Three-year dedication to make sure full bonus fee to workers,” the corporate mentioned.
Tata Metal has reported losses prior to now two quarters.
Throughout April-June 2020-21, the corporate reported a consolidated lack of Rs four,648.13 crore. Through the fourth quarter of 2019-20, the corporate had posted a lack of Rs 1,615.35 crore.