Tripartite settlement for wage revision of MOIL workers signed

New Delhi: A tripartite settlement for wage revision of Manganese Ore India Limited (MOIL) workers has been signed between the management of MOIL and the representatives of the recognised trade union, in the presence of Chief Labour Commissioner at a function organised at Shram Shakti Bhawan on November 16. This wage revision is for 10 years' duration with effect from August 1, 2017, up to September 31, 2027 and will benefit close to 6,000 MOIL workers. It is based on an MoU arrived at between the management and recognised union of MOIL, ie, MOIL Kamgar Sanghatan (MKS).  The proposal includes a 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 will be making the arrears payment in one go, which will have a financial impact of Rs 218 crore approximately for the period it is due, ie from August 1, 2017, to September 30, 2021. The total financial impact of the proposed wage revision will be about Rs 87 crore per annum. MOIL Limited has already made full provisions for this wage increase in the books of accounts, said the PSU.

The agreement also specifies that the settlement will be implemented within 60 days of the signing of the same.

"This agreement ushers a new era of growth and prosperity for MOIL and its employees. It will certainly motivate the employees to work towards higher production and productivity, resulting in achieving the goal of 'Aatmanirbhar Bharat' and serving the national interest of import substitution," said an official statement.

(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.)