Speed Post News Network
New Delhi : In a major development, a tripartite settlement for wage revision of Manganese Ore India Ltd. (MOIL) workers was signed between management of MOIL and the representatives of the recognised union, in presence of Chief Labour Commissioner, Government of India, at a function held at Shram Shakti Bhawan on November 16, 2021.
This wage revision is for 10 years’ duration w.e.f August 1, 2017 up to July 3, 2027, benefitting close to 6,000 company employees. It is based on an MoU arrived at between management and recognised union of MOIL i.e. MOIL Kamgar Sanghatan (MKS). The proposal includes fitment benefit of 20% and perks/allowances at the rate of 20%. An Interim relief @ 12% of Basic and DA was given by the company w.e.f May, 2019, according to a PIB release.
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 August 1, 2017, to September 30, 2021. The total financial impact of the proposed wage revision will be about Rs 87 crores per annum. MOIL Ltd. 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 in a new era of growth and prosperity for MOIL and its employees. It will 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.