Processing .....please wait.. 
The article has been forwarded.... 
Coal India to Incur 
6,500 Crore Extra Burden
Tuesday, February 21, 2012
New Delhi: State-run Coal India has said that it will incur an additional burden to the tune of 
6,500 crore per annum on account of 25 percent increase in workers' wages under the new pact.
"The additional financial impact due to signing of National Coal Wage Agreement - IX on Coal India would be6,500 crore per annum," the world's largest coal miner said in a filing to the BSE.
It signed a pact with its subsidiaries and representatives of central trade unions - INTUC, AITUC, HMS and CITU to increase wages by 25 percent on January 31.
The hike will benefit over 3.7 lakh workers of the firm. "Minimum guaranteed benefit shall be 25 percent in the total emolument as on June 30, 2011. Minimum basic enhanced from8,360 per month to 15,712.62 per month with effect from July 1, 2011," the company informed BSE.
At present, CIL and its subsidiaries spend about20,000 crore annually on salaries of workers which is roughly over 40 percent of the cost of production.
As per the new pact, the house rent allowance in non-urban areas would be 2 percent of basic per month instead of fixed amount of150 a month, he said.
Earlier this month, the company posted a 54 percent rise in consolidated net profit at4,037.7 crore for the quarter ended December 31, on the back of improved sales.
The company had reported a consolidated net profit of2,621.5 crore in the October-December quarter of 2010-11. The consolidated total income rose to 17,205.1 crore from 13,937.4 crore for the quarter ended December 31, 2010.
Coal India, CMD Zohra Chatterji, had said that the company will make every effort to take the PSU to further heights including increase in production.
Source: PTI
6,500 crore per annum on account of 25 percent increase in workers' wages under the new pact."The additional financial impact due to signing of National Coal Wage Agreement - IX on Coal India would be
6,500 crore per annum," the world's largest coal miner said in a filing to the BSE.It signed a pact with its subsidiaries and representatives of central trade unions - INTUC, AITUC, HMS and CITU to increase wages by 25 percent on January 31.
The hike will benefit over 3.7 lakh workers of the firm. "Minimum guaranteed benefit shall be 25 percent in the total emolument as on June 30, 2011. Minimum basic enhanced from
8,360 per month to 15,712.62 per month with effect from July 1, 2011," the company informed BSE.At present, CIL and its subsidiaries spend about
20,000 crore annually on salaries of workers which is roughly over 40 percent of the cost of production.As per the new pact, the house rent allowance in non-urban areas would be 2 percent of basic per month instead of fixed amount of
150 a month, he said.Earlier this month, the company posted a 54 percent rise in consolidated net profit at
4,037.7 crore for the quarter ended December 31, on the back of improved sales.The company had reported a consolidated net profit of
2,621.5 crore in the October-December quarter of 2010-11. The consolidated total income rose to 17,205.1 crore from 13,937.4 crore for the quarter ended December 31, 2010.Coal India, CMD Zohra Chatterji, had said that the company will make every effort to take the PSU to further heights including increase in production.
Source: PTI
Don't Miss ( 1-5 of 25)
Write your comment now
Looking For Loan? Let us Help you !!!
| Product | |
| Name | |
| City | |
| Phone | |
| Loan Amount | |
| Annual Income | |
| Preferred banks | |
|
|
Type the characters you see in the picture |
 |
Sign Up for DailyDose and Read the Day's Highlights
Email:
 |
