Speed Post News Network
New Delhi : In a major development, approval of the wage revision of Manganese Ore ( India) Limited (MOIL) workers was announced by Union Road Transport & Highways Minister Nitin Gadkari and Minister for Steel Ram Chandra Prasad Singh at a function organized at Nagpur, Maharashtra, on October 31, 2021.
This wage revision is for 10 years’ duration w.e.f August 1, 2017, up to July 31, 2027, benefitting close to 5,800 company employees. It is based on an MoU arrived between management and recognized 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 announced that it will be making the arrear 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 crore per annum. MOIL Limited has already made full provisions for this wage increase in the books of accounts.
In addition, the production linked bonus for all employees @ Rs 28,000 for the year 2020-21, which will be paid before Deepawli, was also announced.
Gadkari and Singh also inaugurated various MOIL facilities viz. the second vertical shaft at Chikla Mine, Hospitals at its five mines’ locations, Administrative Building, and Graduate Trainee Hostel at it mines on this occasion.
Employees and various union members who had assembled in large numbers to listen to the dignitaries were over joyed by these announcements and thanked the Steel Ministry profusely. Union Steel Ministe R C P Singh congratulated MOIL for its consistent performance and also exhorted them to be geared up to achieve bigger milestones in the future. Singh will also be visiting Balaghat mine on November 1, 2021, which is the largest Manganese mine being operated by MOIL and is the deepest underground Manganese mine in Asia.
MOIL Limited is a Schedule-A, Miniratna Category-I CPSE under the administrative control of Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country and operates eleven mines in the State of Maharashtra and Madhya Pradesh. MOIL holds ~34% of manganese ore reserves of the country and is contributing ~ 45% of the domestic production. The company has ambitious vision of almost doubling its production to 25 lakh MT by FY 2024-25. MOIL is also exploring business opportunity in the State of Gujarat, other areas in the State of Madhya Pradesh, Rajasthan, and Odisha.