The Coal Ministry has said it has approved a pay reform agreement reached with unions for non-executive employees of Coal India Limited. The agreement provides a guaranteed minimum benefit of 19 percent from July 1, 2021, based on emoluments, variable dearness benefit (VDA), special dearness benefit (SDA) and attendance bonus, in addition to a 25 percent increase in benefits.
In a communication to Coal India, the ministry said: “The MoA (memorandum of agreement) for NCWA-XI as signed by Coal India Limited, Singareni Collieries Company Limited and union representatives has been confirmed.” The agreement was reached in May by the Joint Bipartite Committee for the Coal Industry (JBCCI)-XI comprising representatives of CIL management, Singareni Collieries Company Limited (SCCL), five central unions – BMS, HMS, AITUC, CITU and Indian National Mine Workers’ Federation (INMF The agreement will benefit approximately 2.81 lakh employees of CIL & SCCL who were on the company’s rolls as of 1 July 2021.
CIL has made a provision for this of Rs 9,252.24 crore for a period of 21 months from 1 July 2021 to 31 March 2023. The company’s net profit fell by 18 percent to Rs 5,528 crore in Q4 of FY 2023 due to increased provisions for wages.
(This story has not been edited by News18 staff and was published from a syndicated news agency feed – PTI)