Coal India Announces Rs 1,700 Crore Performance-Linked Reward To Employees
Coal India said it has declared a performance-linked reward of Rs 68,500 per employee.
State-owned Coal India Ltd. on Friday said it has declared a performance-linked reward of Rs 68,500 per employee to all its non-executive cadre workforce for 2019-20 which would have an estimated financial implication of a little over Rs 1,700 crore.
This is linked to the attendance of the employees during the period, Coal India said in statement. The payment would be made before Oct. 22, it added. "The total estimated financial implication is a little over Rs 1,700 crore on account of the PLR," it said.
Around 2.62 lakh employees of CIL and its eight subsidiary companies who were on the company's roll in 2019-20 will stand to gain from the PLR. Despite the pandemic slowdown and crimp in coal sales, CIL offered a 5.87% rise over the earlier year's PLR of Rs 64,700 per employee, the absolute increase being Rs 3,800.
The non-executive employees who have completed at least 30 working days during 2019-20 will be eligible for the payment on a pro-rata basis. The pact was amicably sealed in the 10th meeting of the Standardization Committee of the Joint Bi-partite Committee of Coal Industry held in Ranchi on Thursday between CIL's management and representatives of the central trade unions.
"We are happy that we could conclude the performance-related reward on time to the satisfaction of both sides for the benefit of our employees. The company always enjoyed harmonious industrial relations with the unions," a senior executive of the company said.
CIL turned the corner in September with its output and supplies scripting a high growth of nearly 32% in both the parameters. The company is sustaining the performance pace during the ongoing month as well.
"The payment ahead of the festive season should enthuse our employees to put in greater effort to raise our performance levels significantly," the executive said. CIL accounts for over 80% of domestic coal output.