Payment of arrears to be made in three stages, Rs 40,000 to be paid to staff before Diwali as one-time advance
Shreya Jai | New Delhi Last Updated at October 10, 2017 21:38 IST
The 10th Wage Agreement of Coal Workers, which was pending from last year, was finalised by Coal India Limited and all the labour unions, with a 20 per cent increase in wages, new pension fund norms and a medical trust.
The wage agreement of the employees has been due since 1 July 2016. The negotiation for the wage agreement that has been on the table for more than a year was concluded today. Trade Union representatives had insisted on a 50 per cent wage increase for employees. But considering the country’s position, Coal India’s benefit and financial position, a new record has been created by agreeing to a 20 per cent increase in wages, Coal India said in a public statement
“To implement the agreement in totality, the payment of arrears would be made in three stages – 40 per cent, 30 per cent and 30 per cent. For the welfare of workers an amount of Rs 40,000 would be paid to the employees before Diwali as a one-time advance. CIL and its employees will contribute, for the first time, seven per cent towards pension fund which will help retired employees to avail the pension facility,” said the statement.
To implement the scheme of medical treatment to the retired employees, CIL will contribute Rs 18,000 for each employee towards post-retirement medical scheme, apart from Rs 40,000 by each employee contributed towards the said scheme. This fund will be operated through a trust.
First Published: Tue, October 10 2017. 21:33 IST