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Performance-linked reward for non-exec employees to cost CIL Rs 1,700 crore

The Financial Express logo The Financial Express 17-10-2020 FE Bureau
a truck on a rocky hill: The payment would be made before October 22, a CIL statement said. © Provided by The Financial Express The payment would be made before October 22, a CIL statement said.

PSU miner Coal India (CIL) has declared a performance- linked reward (PLR) of Rs 68,500 per employee to all non-executive staff members for FY20 on the basis of their attendance during the period. The payment would be made before October 22, a CIL statement said.

The estimated outgo of the company will be a little over Rs 1,700 crore to pay the 2.62 lakh employees of CIL and its eight subsidiary companies. Despite the pandemic-triggered slowdown and crimp in coal sales, CIL offered a 5.87% rise over FY19’s PLR of Rs. 64,700 per employee, an increase by Rs 3,800. The non-executive employees who have completed at least 30 working days during FY20 will be eligible for the payment on a pro-rata basis.

An agreement was reached towards this decision at the 10th meeting of the standarisation committee of the joint bi-partite committee of coal industry (JBCCI-X) held in Ranchi on Thursday between CIL’s management and representatives of the central trade unions. R P Srivastava, director, personnel & industrial relations, and Sanjiv Soni, director finance, represented CIL in the negotiations. CMD of Northern Coalfields and directors, personnel of subsidiary companies were other members to attend the meeting as part of the CIL team.

CIL turned the corner in September this fiscal year with its output and supplies scripting high growth of nearly 32%.

The company is sustaining the performance pace during the ongoing month as well, CIL statement said.

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