Kolkata, Oct 8 (IANS) The non-executive employees of Coal India and its subsidiaries will get a performance-linked reward of Rs.48,500 on a pro-rata basis this year which will be disbursed by October 17, a workers union said on Thursday.
According to a statement from the Indian National Mineworkers’ Federation (INMF) — which is affiliated to the Congress-backed Indian National Trade Union Congress, a meeting between the management of the public sector coal companies and five central trade unions was held on Wednesday where the decision was taken unanimously.
The reward will be paid only to the non-executive workers of the coal miner who are on-roll of the company while a decision over an ex-gratia amount will be taken separately.
“As regards to payment of bonus to the contractual workers engaged in the coal mining activities, the management has assured to resolve the matter shortly after holding internal consultation within the chief executives of the coal companies and decide the amount of ex-gratia payable to contract workers, the mode of payment and others,” INMF secretary general S.Q. Zama said.
Also, while October 17 has been selected as the cut-off date for disbursing the amount, Coal India’s subsidiary – Singareni Collieries Company – internally will take a call over the date to distribute the reward.
The reward amount has been calculated after considering Coal India’s financial performance during 2014-15.
The world’s largest fossil fuel miner posted a 9.2 percent decline in its consolidated net profit at Rs.13,726.70 crore during the financial year ended March 2015 with a consolidated net income at Rs.74,120.07 crore.