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Informist, Monday, Sep 30, 2024

 

By Narayana Krishna

 

HYDERABAD - Trade unions and coal mining companies have reached an agreement on a bonus or performance-based reward of INR 93,750 for 2023-24 (Apr-Mar), a source at Singareni Collieries Co Ltd told Informist. The agreement will benefit nearly 213,000 Coal India Ltd workers, besides workers of all other coal mining companies in the country.

 

Central trade unions held two rounds of meetings on Saturday and Sunday in Delhi to decide the annual bonus, which is generally paid during the Dussehra and Diwali festivals.

 

On Sept. 23, Informist had exclusively reported that Coal India workers were demanding a festival bonus of INR 95,000. The Singareni workers union demanded a rise of INR 10,000 in the bonus compared to last year. Coal India has to shell out around INR 20 billion towards payment of the bonus, according to the sources.

 

In the last financial year, the public sector enterprise paid a total bonus of around INR 19 billion to its workers. Each Coal India worker received a bonus of INR 85,000 in October last year. This year, Coal India is likely to pay the bonus by Oct. 9, on account of Durga Puja.

 

The joint bipartite committee for the coal industry negotiates the bonus with all stakeholders and decides the final amount, which is followed by all coal mining companies in the country. The committee comprises major coal mining companies, including Coal India and its subsidiaries--Bharat Coking Coal Ltd, Central Coalfields Ltd, Eastern Coalfields Ltd, Western Coalfields Ltd, South Eastern Coalfields Ltd, Northern Coalfields Ltd, and Mahanadi Coalfields Ltd. Telangana-based Singareni Collieries Co is also part of the committee.

 

On the workers' side, all central trade unions, including the National Front of Indian Trade Unions, Dhanbad and the All India Confederation of Central Trade Unions, are members.

 

Singareni Collieries pays its bonus during Diwali. Last week, the Telangana government announced INR 190,000 rupees as profit share for each Singareni Collieries worker for FY24, costing the company around INR 7.96 bln rupees. The company's management is likely to announce the data of bonus payment soon, the source said.

 

At 1053 IST, shares of Coal India were at INR 508.55 on the National Stock Exchange, down 1.6% from the previous close.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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