Ahead of Diwali, the Central government has announced a big gift for the employees of the state-owned Manganese Ore India Limited (MOIL).
As per reports, Centre has announced a bonus of Rs 28,000 and a wage revision for the MOIL employees on Sunday. The wage revision will have a financial impact of about Rs 87 crore per annum on the company.
Minister for Road Transport & Highways Nitin Gadkari and Ram Chandra Prasad Singh, Minister of Steel announced the news of the Approval of the wage revision of MOIL workers at an event organised by MOIL in Nagpur.
The wage revision will benefit close to 5,800 company employees and will come to effect from 1 August 2017 up to 31 July 2027. This wage revision is for a duration of 10 years and is based on an MOU between management and MOIL Kamgar Sanghatan (MKS).
“The proposal includes fitment benefit of 20% and allowances at the rate of 20%. An Interim relief 12% of Basic and DA was given by the company with effect from May, 2019,” it said..
As per the company announcement, the employees will get 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 1st August, 2017 to 30th September, 2021 on the company. The move will make financial impact of Rs 87 crores per annum.
The production linked bonus for the year 2020-21 will be given to all the employees before Diwali, said MOIL CMD M P Chaudhary. “In addition, the production linked bonus for all employees @ Rs 28,000/- for the year 2020-21 will be paid before Deepawli,” said the Ministry of Steel.