State-owned Coal India Ltd (CIL) on Monday said it has reached an agreement with its 2.38 lakh strong non-executive workers over the revision of wages.
Under the agreement reached, a 19% minimum guaranteed benefit from July 1, 2021, on emoluments (basic, VDA, SDA & attendance bonus) and a 25% increase in allowances have been granted, Coal India said in a filing to exchanges.
"The Joint Bipartite Committee for the Coal Industry (JBCCI)-XI consisting of representatives of CIL management, Singareni Collieries Company Limited (SCCL), five central trade unions i.e. BMS, HMS, AITUC, CITU and Indian National Mine Workers' Federation (INMF) on May 20, 2023, recommended and inked National Coal Wage Agreement (NCWA)-XI for the period of five years w.e.f. 01.07.2021," the miner said.
Around 2.81 lakh employees of CIL & SCCL who were on the rolls of the company as on July 1, 2021, would be the beneficiaries post-implementation of the agreement.
Further, CIL has made a provision of Rs 9,252.24 crore for a period of 21 months effective July 1, 2021, to March 31, 2023, for this effect.
The final impact of the 25% increase in allowances will be intimated shortly which is not likely to be significant.
Wages of the non-executive workers, which account for 94% of Coal India's workforce, are revised every five years.
Coal India shares closed lower by 0.60% at Rs 238.35 on BSE on Monday