Saturday 22nd January 2022

Wage Revision of MOIL Workers Announced

Nov 1st, 2021 7:48 pm | By | Category: LATEST NEWS


(THE NEWSMAN OF INDIA.COM)
Wage Revision of MOIL Workers Announced In a major development, approval of the wage revision of MOIL workers was announced by Nitin Gadkari,Minister for Road Transport & Highways and Ram Chandra Prasad Singh, Minister of Steel, Government of India in a gala function organized at Nagpur on 31st October, 2021.

This wage revision is for 10 years’ duration w.e.f 01.08.2017 up to 31.07.2027, benefitting close to 5,800 company employees. It is based on an MOU arrived between management and recognized union of MOIL i.e. MOIL KamgarSanghatan (MKS). The proposal includes fitment benefit of 20% and perks/allowances at the rate of 20%. An Interim relief @ 12% of Basic and DA was given by the company w.e.f May, 2019.

The company announced that it will be making 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. The total financial impact of the proposed wage revision will be about Rs.87 crores per annum. MOIL LIMITED has already made full provisions for this wage increase in the books of accounts.

In addition, the production linked bonus for all employees @ Rs 28,000/- for the year 2020-21 which will be paid before Deepawli was also announced.

The Ministers also inaugurated various MOIL facilities viz. are the second vertical shaft at Chikla Mine, Hospitals at its five mines’ locations, Administrative Building, and Graduate Trainee Hostel at it mines on this occasion.

Various other dignitaries were present for the event, including Faggan Singh Kulaste, Union State Minister for Steel and Rural Development, Sunil Kedar, State Union Minister for Animal Husbandry, Dairy Development, Sports & Youth Welfare, Dr Vikas Mahatme, Member of Parliament, Rajya Sabha.Ms Sukriti Likhi AS&FA,MoS and Ms. Ruchika Govil,AS,MoS.

Employees and various union members who had assembled in large numbers to listen to dignitaries were over joyed by these announcements and thanked Ministry of Steel profusely. On this occasion, Union Steel Minister, RCP Singh, congratulated MOIL for its consistent performance and also exhorted them to be geared up to achieve bigger milestones in the future.

Steel Minister will also be visiting Balaghat mine on 1st November, 2021, which is the largest Manganese mine being operated by MOIL and is the deepest underground Manganese mine in Asia.

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