Employees of the state-run MOIL will get a pay rise as the government announced the salary review on Sunday, a move that will have a “financial impact” of around Rs 87 crore per year for the company.
Road Transport and Highways Minister Nitin Gadkari and Steel Minister Ram Chandra Prasad Singh made the announcement at an event organized by MOIL in Nagpur, according to a statement released by the Steel Ministry.
According to the press release, the salary review is for 10 years. The effective date was calculated from August 1, 2017 to July 31, 2027. It will benefit nearly 5,800 company employees. “The proposal includes a 20% assembly benefit and benefits / allowances at the rate of 20%. A 12% interim relief of the base allowance and cost allowance was granted by the company in May 2019 “, did he declare.
According to the ministry, MOIL has announced that it will make the arrears payment in one go, which will have a financial impact of approximately Rs 218 crore for the period from August 1, 2017 to September 30, 2021. The financial impact Total of the proposed salary review will be around Rs 87 crore per year. In addition, the production bonus for all employees for the year 2020-21 will be paid ahead of Deepawali’s announcement, MOIL MP CMD Chaudhary said. During his visit, the Minister of Steel also inaugurated various MOIL facilities, such as the second vertical shaft at the Chikla mine and hospitals at its five mine sites.
On Monday, the minister will visit the Balaghat mine, the deepest underground manganese mine in Asia, operated by MOIL. MOIL, under the Ministry of Steel, is the largest producer of manganese ore in the country and operates 11 mines in Maharashtra and Madhya Pradesh.
First publication: STI