The Indian Banks’ Association (IBA) has ordered that a month’s salary should be credited into the accounts of employees as an advance before Diwali. This means, about 14 lakh employees of government, private and foreign banks in India will get a month’s pay as festival advance, which will include basic salary as well as dearness allowance (DA). Coal India has also announced a festive season bonus. Each of the 2.66 lakh strong workforce will receive Rs 64,700. While this will certainly bring cheer to the employees, Coal India will incur an expenditure of Rs 1,700 crore.
Last year, the workers received Rs 60,500 each and in doing so, Coal India had spent about Rs 1,600 crore.
Coal India arrived at the Rs 65,700 figure after several rounds of negotiations with the Indian National Mine Workers’ Federation under INTUC, Hind Khadan Mazdoor Federation (HMS), Indian Mineworkers’ Federation (AITUC), All India Coal Workers’ Federation (CITU), All India Central Council of Trade Unions (AICCTU) and Bhartiya Mazdoor Sangh (BMS).
As for the bank employes, only those who are on the rolls since November, 2017, will be eligible for the bonus. Those who have joined after that will receive only 50 per cent of their salary as bonus. While these advances will be adjusted later against arrears, the morale of the workforce will definitely receive a big push.
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