Govt announces Rs 28,000 bonus, wage revision for MOIL employees

New Delhi: In a major development, approval of the wage revision of MOIL workers has been announced by Union Minister for Road Transport & Highways Nitin Gadkari and Union Minister Minister of Steel Ram Chandra Prasad Singh in a gala function organised at Nagpur on October 31.

This wage revision is for 10 years' duration with effect from August 1, 2017, up-to September 31, 2027, benefitting close to 5,800 company employees. It is based on an MoU arrived between management and recognised union of MOIL i.e. MOIL Kamgar Sanghatan (MKS). The proposal includes fitment benefit of 20 percent and perks and allowances at the rate of 20 percent. An Interim relief @ 12 percent of basic and DA was given by the company with effect from May, 2019.

The company announced that it will be making the arrear payment in one go, which will have a financial impact of Rs 218 crores approximately for the period it is due i.e. from August 1, 2017, to September 30, 2021. The total financial impact of the proposed wage revision will be about Rs 87 crores per annum. MOIL Limited has already made full provisions for this wage increase in the books of accounts.

In addition, the production linked bonus for all employees @ Rs 28,000/- for the year 2020-21 which will be paid before Diwali was also announced.

The Ministers also inaugurated various MOIL facilities viz. are the second vertical shaft at Chikla Mine, Hospitals at its five mines' locations, Administrative Building, and Graduate Trainee Hostel at it mines on this occasion.

Various other dignitaries were present for the event, including Shri Faggan Singh Kulaste, Union State Minister for Steel and Rural Development, Shri Sunil Kedar, State Union Minister for Animal Husbandry, Dairy Development, Sports & Youth Welfare, DrVikasMahatme, Member of Parliament, Rajya Sabha.MsSukritiLikhiAS&FA,MoS and MsRuchikaGovil,AS,MoS.

Employees and various union members who had assembled in large numbers to listen to dignitaries were overjoyed by these announcements and thanked the Ministry of Steel profusely.  On this occasion, Hon'ble Union Steel Minister, Shri RCP Singh, congratulated MOIL for its consistent performance and also exhorted them to be geared up to achieve bigger milestones in the future. 

The Steel Minister will also be visiting Balaghat mine on November 1, which is the largest Manganese mine being operated by MOIL and is the deepest underground manganese mine in Asia.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)