Over 1 lakh non-executives of state-owned steel makers Rashtriya Ispat Nigam Ltd (RINL) and Steel Authority of India Ltd (SAIL) will now start getting higher salaries after employees' representatives and managements signed an accord on Tuesday evening.
The National Joint Committee for Steel Industry (NJCS), an umbrella body of the unions of SAIL and RINL, has finalised wage settlement for non-executive employees, SAIL said in a release.
"The wage settlement shall be effective from January 1, 2012 and would benefit more than 92,000 employees. The wage settlement was cleared pursuant to Memorandum of Understanding dated January 1, 2014 and approval of the SAIL Board as well as clearance of Ministry of Steel," SAIL said.
An RINL official said that the move would benefit around 12,000 non-executives of the company.
Sources said non-executives would get a 17 per cent hike in basic and dearness allowances, and a 6 per cent rise in perks. The SAIL release, however, did not mention the rate of hike.
Steel Minister Narendra Singh Tomar had approved the wage revision for SAIL and RINL employees around a fortnight ago paving the way for finalisation of the wage settlement.
SAIL said the payment of wage arrears shall be made in two equal instalments with the first instalment shall be paid by July 15. RINL is yet to decide on this front.
The signatories to the agreement included Sanjeeva Reddy, INTUC, Tapan Sen, CITU, and Gaya Singh, AITUC, representing the workmen, and H S Pati, director (personnel) at SAIL, Anil Kumar Chaudhary, director (finance) at SAIL, and Dr G B S Prasad, director (personnel) at RINL, among others.
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