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Jamshedpur, August 10, 2004

The Tata Iron & Steel Company Limited concluded its Annual Bonus Agreement for the year 2003-2004 today, the 10th August 2004.

In accordance with the Memorandum of Settlement dated 10th August 2004 between the Steel Company and the Tata Workers' Union Annual Bonus linked with production and profitability works out to 19.70% of salary/wage paid to an employee during the year. On the request of the Union and in consideration of the satisfactory performance during 2003-04, it has been agreed, as a gesture of good will, to round off the bonus percentage from 19.70% to 20% of salary/wage already paid.

Since all employees of Tata Steel are drawing salary/wages higher than the limit laid down in the Payment of Bonus Act, 1965 no employee of the Company is eligible for bonus under the Act. However, respecting our old traditions, the Company is going to pay bonus to all employees in the unionised category.

At 20 (twenty) percent, the minimum and the maximum Annual Bonus payable. Nearly, 41,000 employees would be paid annual bonus.

The agreement was signed by Mr B Muthuraman, Managing Director, Tata Steel, Mr P Lakra, Deputy Labour Commissioner and Mr RBB Singh, President, Tata Workers Union (TWU). The union was also represented by Mr. Raghunath Pandey, Deputy President, Mr D K Singh General Secretary and Mr KNP Singh, Secretary, Supervisory and Technical Unit along with other office bearers of TWU.

A separate agreement was also signed between Dr T Mukherjee, Deputy Managing Director (Steel), Tata Steel and Mr M Singh, Secy, RCMS, West Bokaro, Mr S S Zama, Secy RCMS, Digwadih, Mr S K Mahto, Secy, RCMS, Jamadoba and Mr K P Sui, General Secy, Noamundi Mazdoor Union.

The maximum bonus amount payable for Jamadoba Collieries is Rs 51,161 and minimum is Rs 12,117. Whereas in West Bokaro collieries the maximum bonus amount payable is Rs 36,270 and minimum is Rs 12,743 and the maximum bonus amount for OM &Q is Rs 41,415 and minimum is Rs 14,162.