5,800 employees will benefit from this and the payment will be made before Diwali.
Employees of the state-owned Manganese Ore India Limited (MOIL) will receive a productivity-linked bonus of Rs 28,000 as well as wage revision.
Duration
The wage revision is for the period of 10 years with effect from 1 August 2017 up to 31 July 2027.
5,800 employees will benefit from this and the payment will be made before Diwali.
It is based on an MOU between management and recognized union of MOIL i.e. MOIL Kamgar Sanghatan (MKS).
Inclusions
The proposal includes a fitment benefit of 20% and perks/allowances at the rate of 20%.
An interim relief at 12% of Basic and dearness allowance was given by the company with effect from May 2019, it added.
MOIL also said that it will be making the arrear payment in one go.
Financial Impact
This 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.Â
The Ministry of Steel confirmed that the payment of the bonus will be made before Deepawli.
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