Approval of the wage revision of MOIL workers was announced by Minister for Road Transport & Highways Nitin Gadkari and Ram Chandra Prasad Singh, Minister of Steel.
This wage revision is for 10 years’ duration with effect from 1 August 2017 up to 31 July 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 Kamgar Sanghatan (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 with effect from May, 2019.
The company announced that it will be making the arrear payment in one go, which will have a financial impact of 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 87 crores per annum.
“In addition, the production linked bonus for all employees @ 28,000/- for the year 2020-21 will be paid before Deepawli," said the Ministry of Steel.
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