Kolkata, October 11: Diwali season brings good news for Coal India workers as Coal India has signed a five-year wage agreement with its workers' unions. Since last July the agreement was due to the difference in opinion among Coal India and trade union. Finally, an agreement was reached to give 20% wage hike.
Other than wage hike, the new agreement has other benefits also. For relaxation of employees, the new agreement assures one day rest every week. The personal and work-life balance will also improve the quality of work. But considering the country’s position, CIL’s benefit, and financial position, a new record has been created by agreeing 20% increase in wages.
To implement the agreement in totality, the payment of arrears would be made in three stages – 40%, 30% & 30%. For the welfare of workers, an amount of Rs.40,000/- would be paid to the employees before Diwali as a one-time advance.
CIL and its employees will contribute, for the first time, 7% towards pension fund which will help retired employees to avail the pension facility. To implement the scheme of medical treatment to the retired employees, CIL will contribute an amount of Rs.18,000/- for each employee towards the contributory post-retirement medical scheme, apart from Rs.40,000/- by each employee contributed towards the said scheme. This fund will be operated through a Trust.