CIL concludes National Coal Wage Agreement, granted 25% increase in allowances

New Delhi: India's largest coal producer and a central public sector undertaking on May 22 announced the National Coal wage Agreement. The company in a letter mentioned the Joint Bipartite Committee for the Coal Industry (JBCCI)-XI consisting of representatives of Management of Coal India Limited (CIL), Singareni Collieries Company Limited (SCCL), five central trade unions i.e. BMS, HMS, AITUC, CITU and Indian National Mine Workers’ Federation (INMF), an affiliate of INTUC in its 10th meeting held on 20th May 2023 recommended and inked National Coal Wage Agreement (NCWA)-XI for the period of five years w.e.f. 01.07.2021.

19% Minimum Guaranteed Benefit (MGB) w.e.f. 01.07.2021 on emoluments (i.e. Basic, VDA, SDA & Attendance Bonus) as on 30.06.2021 and 25% increase in allowances have been granted in NCWA-XI. 

 

Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY

Around 2.81 lakh employees of CIL & SCCL who were on the rolls of the company as on 1st July 2021 would be the beneficiaries post-implementation of NCWA-XI. 

Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits

Further, CIL has made provision of Rs 9252.24 Crores for a period of 21 Months w.e.f. 01.07.2021 to 31.03.2023 for this effect.

The final impact of 25% increase in allowances will be intimated shortly which is not likely to be significant.

Read Also : India assumes the Chair of Asian Disaster Preparedness Centre