The agreement provides for a 19 per cent of minimum guaranteed benefit from July 1, 2021, on emoluments – basic, Variable Dearness Allowance, Special Dearness Allowance and attendance bonus besides a 25 per cent increase in allowances
Read More: Amid mounting governance issues in start-ups, IVCA and Deloitte launch Start-up Governance Playbook
The Coal Ministry has said it approved a wage revision agreement that was reached with trade unions for non-executive employees of Coal India Limited. The agreement provides for a 19 per cent of minimum guaranteed benefit from July 1, 2021, on emoluments — basic, Variable Dearness Allowance (VDA), Special Dearness Allowance (SDA) and attendance bonus besides a 25 per cent increase in allowances.
Read More: Open Agri Network Samunnati Eyeing Over 50% Growth In Revenue At Rs 6,600 Cr In FY24
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 trade union representatives, has been confirmed.” The agreement was reached in May by the Joint Bipartite Committee for the Coal Industry (JBCCI)-XI consisting of representatives of CIL management, Singareni Collieries Company Limited (SCCL), five central trade unions – BMS, HMS, AITUC, CITU and Indian National Mine Workers’ Federation (INMF). The agreement will benefit around 2.81 lakh employees of CIL & SCCL who were on the rolls of the company as on July 1, 2021.
CIL has made a provision of Rs 9,252.24 crore for a period of 21 months effective July 1, 2021, to March 31, 2023, for this effect. The company’s net profit declined 18 per cent to Rs 5,528 crore in Q4 of FY 2023 due to increased provisions towards wages.
