Kolkata, Sep 14 (PTI) Tata Steel on Monday said its management and Tata Workers Union have signed a Memorandum of Settlement for payment of annual bonus for the accounting year 2019-20.

"Despite a difficult year due to COVID-19, Tata Steel honoured its three-year commitment to ensure complete bonus payment to employees," the steel major said in a release.

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The union and management have mutually agreed to revise the existing annual bonus scheme and make it applicable for financial years 2017-18, 2018-19 and 2019-20 for all eligible employees in different locations of the company, it said.

The total amount available for disbursement as annual bonus to applicable divisions or units of the company for the accounting year 2019-20 is Rs 235.54 crore, the release added.

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