Tuesday, April 8, 2014

Employees of cash-rich ONGC, NTPC and Coal India cry for bonuses

DESPITE being the top profit making PSUs in the country, the employees of Oil and Natural Gas Corporation (ONGC), Coal India Limited (CIL) and NTPC have some serious compliant against the management and government. They are not getting their full annual bonus, says a media report.
In case of ONGC, due to heavy burden of subsidy and dividends...
to the government, the profit and bonus to its employees have been impacted.
So the only plea the employees of these Maharatna PSUs are making to the new government at Centre that will take charge next month is to clear their bonuses as soon as possible.
Some ONGC employees complain that this year their performance-linked pay is down by 40 percent which resulted in a cut of anywhere between Rs 50,000 and Rs 1,50,000.
Last year, the Maharatna company gave 100 percent bonus or performance related pay to its employees.
In 2012-13, ONGC's profit after tax fell to Rs 20,925 crore from Rs 25,123 crore in 2011-12. The main reason for this decline was the subsidy burden shared by ONGC and the increase in the cess paid on sale of crude oil from Rs 2,500 per tonne to Rs 4,500.
In 2012-13 ONGC's shared the subsidy burden to the tune of Rs 49,421 crore up from 44,466 crore in 2011-12.
Moreover, PSUs find the situation particularly tricky as they have too many stakeholders.
Employees at NTPC and Coal India are also disappointed. "We do not expect any bonus this year because of the regulatory order which is not very positive to the company," the media report quoting an an NTPC official said.
NTPC posted a 20.4 percent growth in net profit for the third quarter, excluding one-offs on an adjusted basis, to Rs 2,861 crore. The total income for the quarter too went up by 18 per cent to Rs 19,554 crore.
In case of Coal India, however, net profit dropped 11 percent in the last quarter, on the back of reduced margins.
The net revenues of the country's largest coal producer also declined by around three percent, as demand for coking coal used in steel plants as well as thermal coal used in power plans remained subdued. Coal India is one of the largest corporate employers in India with around 3,57,926 employees.
These employees keep their fingers crossed as the new government at Centre will assume office next month.

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