A productivity-linked bonus of Rs 28,000 along with a wage revision for employees of state-owned Manganese Ore India Limited (MOIL) was announced by the government on Sunday, ahead of Diwali.
Union Minister of Steel Ram Chandra Prasad Singh announced the bonus during an event organised at MOIL’s campus in Nagpur.
He announced a production-linked bonus of Rs 28,000 for all the MOIL employees, which will be paid before the upcoming Diwali festival.
The wage revision is for 10 years, with effect from August 1, 2018 to July 31, 2027, and will benefit around 5,800 employees of the company, the steel ministry said in a statement.
It is based on a pact between the company’s management and MOIL employees union.
The proposal includes fitment benefit of 20 per cent and perks as well as allowances at the rate of 20 per cent, the statement said.
An interim relief at 12 per cent of the basic and dearness allowance (DA) was given by the company with effect from May 2019, it added.