A comparison memorandum of 22 August 2018 was signed between Tata Steel and Tata Workers` Union for the annual bonus for the 2017-18 financial year. Tata Steel Tata Steel Group is one of the world`s leading steel companies, with an annual crude steel capacity of 27.5 million tonnes (MTPA) as of March 31, 2018. It is one of the most geographically diverse steel producers in the world, with operations in 26 countries and a commercial presence in more than 50 countries. In FY18, the group generated consolidated revenues of $20.41 billion ($133,016). The Tata Steel Group spans five continents and employs more than 65,000 people. Tata Steel retained the industry position in fiscal year 18 and took second place in the DJSI 2017 rating. The company was named Leader by CDP (2017) in the „Climate Opening“ category in the „Steel“ category. In addition to joining the World Steel Climate Action Programme, Tata Steel has received several awards, including the Prime Minister`s Trophy for the best performing integrated steelworks for 2014-15 and 2015-16, CNBC TV18`s best risk management (2018) and Mint`s Corporate Strategy Award (2018). The company also received for the sixth time (2018) the „Most Ethical Company“ award from the Ethisphere Institute, Steel Sustainability Champions (2017) from the World Steel Association, Dun -Bradstreet Corporate Awards (2017 – 2018), the Golden Peacock HR Excellence Award from the Institute of Directors (2017) and the Asia`s Best Integrated Report Award from the Asia Sustainability Reporting Awards (2017), among others. The transaction was signed on August 22, 2018.
Mr. T. V. Narendran, CEO – MD, Tata Steel, Mr. Anand Sen, President, TQM – Steel Business, Tata Steel, Mr. Suresh Dutt Tripathi, Hrm, Tata Steel and other senior executives signed on behalf of management and Mr. R Ravi Prasad, President of Tata Workers` Union, Mr. Ardvin Kumar Pandey, Dy. Chairman, Tata Workers` Union, Mr Satish Kumar Singh, Secretary General, Tata Workers` Union and other office workers signed on behalf of the union in the presence of Mr Rakesh Prasad, Mediator and LTS is valid for a period of three years, and the workers receive a salary increase of 9,000 euros per month in the fixed component of the salary. In addition, it will be possible to earn up to 6,000 euros in incentives on the basis of productivity, quality and safety. Since the majority of Tata Steel employees receive salaries above the limit set by the 2015 Bonus Act, they are not entitled to a bonus under the law.
However, in keeping with the old traditions, the company will pay a bonus to all workers in the unionized category. The management of Tata Motors and the Tata Motors Employees Union in Pune signed the LTS on Monday. This is the first time that negotiations have been conducted jointly on the installation of commercial vehicles (CVBU) and the private car facilities (PVBU) in Pune. Traditionally, there has been a six-month lag between the two collective agreements. At the request of the Union and in view of the satisfactory developments of the period 2006-2007 and in order to preserve the morale of workers, it was agreed to round the bonus percentage for the 2006-2007 financial year from 19.7% to 20% (20%) basic and love salaries paid for the year. Tata Motors has signed a long-term wage agreement (LTS) with its employees that allows workers to benefit from a pay increase of 9,000 people per month, as well as other performance incentives. Approximately 6,500 workers at the Pune plant will benefit from this agreement. The agreement was reached to distribute annual bonuses based on 1.5 percent of net profit and amount based on performance on profitability, productivity and security metrics as an annual bonus to all eligible employees in different locations of the business.