Diwali Bonanza: Centre approves Rs 28,000 bonus, wage revision for THIS PSU employees

The Central government has announced a Diwali bonus of Rs 28,000 for all the employees of Manganese Ore India Limited (MOIL).

New Delhi: The Central government on Sunday, October 31, announced a Diwali bonus of Rs 28,000 for all the employees of Manganese Ore India Limited (MOIL). Moreover, the employees of the state-owned firm have also received wage revision on Sunday. 

The move will have a financial impact of about Rs 87 crore per annum on the company. Minister for Road Transport and Highways Nitin Gadkari and Steel Minister Ram Chandra Prasad Singh made the announcement at an event organised by MOIL in Nagpur, according to an announcement issued by the Steel Ministry said.

The statement also pointed out that the wage revision is for a duration of 10 years. The effective date has been calculated from August 1, 2017, up to July 31, 2027. The move will benefit a total of 5,800 company employees.

"The proposal includes fitment benefit of 20 per cent and perks/allowances at the rate of 20 per cent. An Interim relief @ 12 per cent of basic and dearness allowance was given by the company w.E.F May 2019," it said.

As per the Ministry, MOIL announced that it will be making the arrear payment in one go, which will have a financial impact of around Rs 218 crore for the period from August 1, 2017, to September 30, 2021.

MOIL CMD M P Chaudhary said that the production linked bonus for all employees for the year 2020-21 will be paid before Deepawali. Meanwhile, the steel minister also inaugurated various MOIL facilities such as the second vertical shaft at Chikla mine, and hospitals at its five mine locations, during his visit. Also Read: Odisha announces full tax exemption, registration fee waiver for EVs

Working under the aegis of the steel ministry, MOIL is the largest producer of manganese ore in the country. The state-owned firm operates 11 mines in Maharashtra and Madhya Pradesh. Also Read: 5G smartphones under Rs 15,000 to buy this Diwali: Poco M3 Pro 5G, Redmi Note 9 5G, check others