With Diwali around the corner, the Central government has announced a special bonus of Rs 28,000 for the staff of Manganese Ore India Limited (MOIL). The employees will also enjoy wage revision for a period of ten years. What is even better is that the production-linked bonus will be paid to the employees before Diwali.
The wage revision, which will benefit about 5,800 employees, is with effect from August 1, 2017 and will be effective till July 31, 2027. The same is based on a memorandum of understanding entered into by the MOIL management and the MOIL Kamgar Sanghatan, the Company’s employees’ union. The payment of arrears will be made in one go, which alone will cost MOIL a significant Rs 218 crore for the August 2017 to September 2021 period.
The move will result in a financial burden of about Rs 87 crore a year. The revision includes fitment benefit of 20 per cent along with perks and allowances at the rate of 20 per cent.
Two years ago, in May, the Company had provided interim relief at 12 per cent of basic and dearness allowance.
Union Minister of Steel Ram Chandra Prasad Singh and Minister for Road Transport & Highways Nitin Gadkari made the bonus announcement at a company gathering in Nagpur. At the event, Gadkari said it is high time the cement and steel industries started using green hydrogen as energy in place of coal for production.