Nagpur, Oct 31 (UNI): Union Minister of Steel Ram Chandra Prasad Singh on Sunday announced a bonus of Rs 28,000 and wage revision for the employees of the state-owned Manganese Ore India Limited (MOIL).
This announcement was made by the minister at the inauguration of 2nd Vertical Shaft, Chikla Mine and various other facilities of the company based at Nagpur .
"In addition, the production linked bonus for all employees Rs 28,000/- for the year 2020-21 which will be paid before Deepawali," said the Ministry of Steel.
This wage revision is for 10 years and with effect from August 1, 2018 to July 31, 2027 and will benefit around 5,800 employees of the company.
An interim relief at 12 per cent of the basic and dearness allowance (DA) was given by the company with effect from May 2019.
The proposal includes fitment benefit of 20 per cent and perks /allowances at the rate of 20 per cent.
This is in accordance with an MoU between the company's management and its union of MOIL employees.
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.
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