Friday, Apr 19, 2024 | Last Update : 08:21 PM IST
Coal India seeks to limit wage outgo as profits come under stress
The management restricted themselves to about 15 per cent hike in minimum guaranteed benefits.
Kolkata: The Coal India is targeting to limit its financial outgo in the latest wage negotiations -- National Coal Wage Agreement X -- which led to inconclusive outcome at the three-day-long intense marathon meeting.
"The three day meeting ended yesterday inconclusive as Coal India sought to limit its impact," sources told PTI.
Coal India profits are under pressure due to sharp rise in expenses with wage being an important component. Representatives of four trade unions - CITU, AITUC, BMS and HMS -- and the Coal India chairman and other board members failed to reach concensus on wage hike.
The trade unions sought minimum guaranteed benefits rise of 21 per cent along with seven per cent pension contributions and one per cent of post retirement medical benefit. But the management restricted themselves to about 15 per cent hike in minimum guaranteed benefits.
The Coal India profits are under severe pressure on account of growing wage provisions. The CIL in the previous wage negotiations had said that it would incur an additional burden of Rs 6,500 crore per annum on account of 25 per cent increase in workers' wages.
The All India Coal Workers Federation (CITU) general secretary D D Ramanandan said unions were not going to agree anything below 21 per cent minimum guaranteed benefits rise over the last agreement.
Another round of meeting may take place on August 24 in Delhi.
