Team News Riveting
New Delhi, November 17
In a major development, tripartite settlement for wage revision of Manganese Ore India Ltd. (MOIL) workers was signed between management of MOIL and the representatives of the recognized union, in presence of Chief Labour Commissioner, Government of India, in a high-level function organized at Shram Shakti Bhawan, yesterday.
The wage revision is for 10 years’ duration with effect from August 1, 2017 up to July 31, 2027, benefitting close to 6,000 company employees. It is based on an MOU arrived at between management and recognized union of MOIL i.e. MOIL Kamgar Sanghatan (MKS). 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 DA was given by the company with effect from May, 2019.
The company will be making the arrears payment in one go, which will have a financial impact of Rs 218 crore 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. MOIL LIMITED has already made full provisions for this wage increase in the books of accounts.
The agreement also specifies that the settlement will be implemented within 60 days of signing of the same.
This agreement ushers a new era of growth and prosperity for MOIL and its employees. It will certainly motivate the employees to work towards higher production and productivity, resulting in achieving the goal of ‘Aatmanirbhar Bharat’ and serving national interest of import substitution.
