Monday, October 16, 2017

It's Happy Diwali for Coal India employees

AFTER the 20 percent salary hike, the employees of Maharatna PSU Coal India are up for more bonanza from the Central Government. Coal minister Piyush Goyal on October 13 announced reward for over three lakh non-executive employees of Coal India Ltd for consistently maintaining high rate of growth in production.
Goyal raised the proposed one-time...
advance by nearly 25 percent from Rs 40,000 to Rs 51,000. The payout will be made by October 17. The one-time advance would be paid to employees currently on the rolls of CIL. This payout is in addition to the 20 percent salary hike the employees were given last week after a year-long wage negotiations with year-long wage negotiations with trade unions.
"Piyush Goyal, Union Minister of Coal and Railways, much to the joy of around 3 lakh non-executive employees of Coal India Limited and its subsidiaries, today, i.e. 13th October, 2017 announced that the one-time advance payable to each employee would now be Rs. 51,000 instead of Rs. 40,000, before Diwali by 17th October – the day of Dhanteras," a statement said.
Approving the hike in the advance, Goyal praised the CIL workforce for achieving 10.1 percent growth in production in September and 13 percent so far in October.
Goyal also praised the efforts of employees in raising coal dispatch to power stations by 21 percent in September and around 22 percent till October 12.
It may be recalled the year-long wage negotiations were concluded between CIL Management and Trade Union representatives much to the satisfaction of the employees and management who received a 20 percent increase on wages.
The gesture has been hailed by the trade unions.
The main thrust of the wage negotiation was to make available ‘reliable and affordable power to all’ and social security for workers.
Earlier, Coal India on October 13 said its production grew by 13 per cent in October so far and the growth in coal dispatch to power sector was around 22 per cent till October 12.
Total employees of Coal India Limited 313,829 as of 2016-17. The Maharatna PSU is the largest coal producing company in the world and contributes around 82 percent of the coal production in India.
Recently, Coal India Ltd (CIL) signed its wage hike agreement for five years and analysts aren’t happy about it. The hike is higher than expectations, prompting many analysts to prune their numbers. The total estimated average annual impact is Rs5,667 crore, according to the coal producer.

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