There is great news for lakhs of employees of the country's Maharatna company. The name of this company is Coal India Limited and it has increased the salary of about 3 lakh employees. According to the information given by the Ministry of Coal, it has approved the salary revision agreement with the trade unions for the non-executive employees of Coal India Limited. This agreement provides 19 percent of the minimum guaranteed benefit on Basic, Variable Dearness Allowance (VDA), Special Dearness Allowance (SDA) and Attendance Bonus from July 1, 2021. Apart from this, there is a provision of 25 percent increase in allowances.
Ministry's message to Coal India
In a message sent to Coal India, the Ministry of Coal said that the MoA for NCWA-XI signed by Coal India Limited, Singareni Collieries Company Limited and trade union representatives has been confirmed. The agreement was done in May by the Joint Bilateral Committee for Coal Industry (JBCCI)-XI comprising representatives of CIL Management, Singareni Collieries Company Limited (SCCL), five Central Trade Unions – BMS, HMS, AITUC, CITU and Indian National Were.
About 3 lakh employees will be benefited
This agreement will benefit about 2.81 lakh employees of CIL and SCCL who were on the rolls of the company as on July 1, 2021. Coal India has made a provision of Rs 9,252.24 crore for a period of 21 months with effect from July 1, 2021. Due to the increase in salaries, the company's net profit declined by 18 percent to Rs 5,528 crore in the fourth quarter of FY2023.
Company will give shares to employees through OFS
Apart from this, the government will sell 92.44 lakh shares or 0.15 per cent equity stake of Coal India in BSE through Offer for Sale (OFS) to eligible employees at Rs 226.10 per share. The employee OFS will be open from June 21 to June 23, 2023, Coal India said in a regulatory filing to the stock exchanges. On June 24, Coal India shares closed at Rs 225.90 on the BSE, down 0.46 per cent.
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