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The wage revision is for a duration of 10 years. The effective date has been calculated from August 1, 2017, up to July 31, 2027. It will benefit close to 5,800 company employees.
Employees of state-run MOIL will get an increment in salary, as the government on Sunday announced the wage revision, a move which will have "financial impact" of about Rs 87 crore per annum to the company.
Minister for Road Transport and Highways Nitin Gadkari and Steel Minister Ram Chandra Prasad Singh made the announcement at an event organised by MOIL in Nagpur, a statement issued by the Steel Ministry said.
According to the statement, the wage revision is for a duration of 10 years. The effective date has been calculated from August 1, 2017, up to July 31, 2027. It will benefit close to 5,800 company employees. "The proposal includes fitment benefit of 20 per cent and perks/allowances at the rate of 20 per cent. An Interim relief @ 12 per cent of basic and dearness allowance was given by the company w.e.f May, 2019," it said.
As per the Ministry, MOIL announced that it will be making the arrear payment in one go, which will have a financial impact of around Rs 218 crore for the period from August 1, 2017 to September 30, 2021. The total financial impact of the proposed wage revision will be about Rs 87 crore per annum. In addition, the production linked bonus for all employees for the year 2020-21 will be paid before Deepawali was also announced, MOIL CMD M P Chaudhary said. During his...
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