Salary

STRICTLY CONFIDENTIAL
Date: April 01, 2022
Dear Nitish Kumar,
Globally, the steel industry witnessed multiple events in FY22, including resurgent demand aided by recovery in global
economy. Indian Steel industry, currently at 120 million tonnes per year, also benefitted from the ensuing favourable
sentiment, resulting in strong upcycle. At Tata Steel, we continue to focus on growing our domestic business while
striving to make our European footprint sustainable.
During the last year economies across the world including India's bounced back because of the accommodative
monetary and fiscal policies. Our resilience ensured that we continue to perform well which helped us achieve best ever
operational and financial performance. We won many awards and recognition including being assessed as a Benchmark
leader by the Tata group. Due to recent geopolitical changes in eastern Europe we may witness volatility in supply chain
as well as prices which will impact operations and profitability in near future.
Going forward we need to ensure that we demonstrate excellence at all touch points and as we are transforming
structurally and culturally, we need to embrace the Agile ways of working. We need to continue to demonstrate
resilience and compassion. Our future is going to be technology and knowledge intensive, hence innovation, digital
transformation and sustainability will be critical to evolve as a truly world class organization.
We started our agility journey a year ago and undertook several initiatives in this process. The introduction of 4 agile
behaviours in the Performance Management System was a step in that direction. The outcome of 360 degree
behavioural assessment will impact the performance bonus by ± 20%, wherein, each Unacceptable behaviour (U) has
negative impact and each Gold standard behaviour (G) has positive impact. The positive impact of Gold Standard (G)
has been considered subject to not getting any unacceptable rating in any of the 4 agile behaviours.
As per policy for FY22, bonus has been calculated based on company performance, individual performance and your
360 degree behavioural assessment. We have achieved our targets on EBITDA and Productivity and need to focus on
improving our Safety performance. As per your Talent Review, your individual performance for FY22 has been assessed
as "E" i.e. "Outstanding Performance" and as per 360 degree behavioural assessment, your cumulative rating on the 4
agile behaviours - Accountability, Collaboration, Responsiveness and People Development/Team Building is GGGG
which would impact your performance bonus by a factor of 20.00%.
The increment is linked to economic indicators, company performance and your individual performance.
Based on the above, we are happy to share with you, your revised emoluments:
Performance bonus for FY22 is Rs.5,21,500/-

Revised Salary with effect from 01-Apr-22:- Basic salary Rs.39,000/- p.m. & Supplementary Allowance Rs.24,320/-
p.m.
A detailed breakup of your CTC is attached in the annexure. Please note that your salary information is personal to you
and you are expected to keep it confidential.
We have tremendous confidence in you and are certain that you will continue to redefine your role to scale greater
heights. We thank you for your dedication and effort which helped us achieve the best ever performance this year.
Best wishes to you and your family for the year ahead.
Yours sincerely,
T V Narendran
CEO & Managing Director
Nitish Kumar
P. No. - 00198730
Designation: - Manager Field Maintenance S&T HT
This is an electronic document and does not require a signature

Personnel No. : 198730
Name : Nitish Kumar
Location of posting : Jamshedpur
Level : IL5
Designation : Manager Field Maintenance S&T HT
Elements of Pay As on 31.03.2022 As on 01.04.2022
(Rs. Per Annum) (Rs. Per Annum)
Basic Salary * 4,04,400 4,68,000
Car and Related Allowances 1,02,000 1,02,000
Cash Emoluments 2,90,600 3,29,840
Costed Benefits 77,500 77,500
Retirals (Company Contribution) 1,28,640 1,48,871
Performance Bonus @ Target** 1,34,800 1,56,000
House Rent Allowance(HRA) 2,16,000 2,16,000
CTC at Target Bonus 13,53,940 14,98,211
Performance Bonus @ Maximum Potential 3,32,900 3,85,200
CTC at Maximum Potential 15,52,040 17,27,411
Car and Related Allowances

Conveyance Allowance * 1,02,000 1,02,000
Cash Emoluments
Supplementary Allowance * 2,52,600 2,91,840
Leave Travel Assistance ** 38,000 38,000
Costed Benefits
Medical *** 35,000 35,000
Holiday Plan *** 42,500 42,500
Retirals (Company Contribution)
Employer Contribution towards PF 48,528 56,160
Employer Contribution towards SAF 60,660 70,200
Gratuity 19,452 22,511
Supplementary Allowance mentioned includes diversions towards Sodexo Meal Card and Company Car Lease
as applicable
Note:-
The above table depicts a compensation plan at threshold individual and company performance.
* These elements of pay will be paid monthly
** These elements of pay will be paid annually or once in two years as per rules
*** These are costed values (for the purpose of CTC calculation)
^ These elements of pay are locations specific and payable every month. There is no protection when officer moves
out to another location.
Performance Bonus @ Target:-

Performance Bonus is indicative and varies depending on individual and company performance.
Amount shown herein would be the Bonus payable on meeting the threshold targets defined by the company from
time to time, i.e., both individual and the company meet their annual targets. The actual bonus pay-out can be
higher or lower (including nil) depending on actual results compared to target for the particular performance
appraisal cycle.
Performance Bonus @ Maximum Potential:-

This is calculated based on the maximum bonus payable to you at the highest rating 'E' based on the company
performance. The same may vary year on year based on the company performance for that financial year.
Holiday Plan:-
The amount mentioned here is a costed value of the benefit. Officer has to pay 15% of the room tariff and the
balance is paid by the company.
Medical:-
The amount mentioned in CTC is a costed value of the benefit and not paid in cash. Details of the medical benefit at
your location can be obtained from your BU-HRM.
House Rent Allowance:-

If company accommodation is provided, HRA is not paid and a standard rent is deducted as per rules.
Leave Travel Assistance (LTA):-

LTA is paid annually or once in two years as per rules. Leave for LTA needs to be availed for the amount to be paid.
Please refer to the LTA policy for details.
Retirals:-
Calculation of Superannuation Fund and Provident Fund would be governed as per rules and hence would vary for
officers based on location of posting.
Superannuation Fund/Cash:-
This amount is paid monthly @ 15% of Basic Salary in case an employee is not enrolled for superannuation fund.
Gratuity:-
Gratuity is payable after 5 years of continuous service.
Special Allowances:-
These are role specific allowances paid monthly.
........Do you know about the NPS & Sodexo Policy which can help you save taxes? Contact your BU HRM for details........

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STRICTLY CONFIDENTIAL

Date: April 01, 2022

Dear Nitish Kumar,

Performance bonus for FY22 is Rs.5,21,500/-

This is an electronic document and does not require a signature

Car and Related Allowances

Performance Bonus @ Target:-

Performance Bonus @ Maximum Potential:-

House Rent Allowance:-

Leave Travel Assistance (LTA):-

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