NLC India Limited, a Navratna CPSE under the Ministry of Coal, has signed a wage agreement with trade unions, which represents nearly 10,000 employees on the rolls under the non-executive category.
The revision of wages, allowances and incentive schemes benefiting the 10,000 employees was due since January 1, 2017.
To revise the same, a Joint Negotiation Committee was formed comprising the representatives of the management and the trade unions (CITU & LPF) based on guidelines receiving from DPE, Government of India.
The committee after holding several rounds of negotiations had arrived at a consensus and the same was finalised by the senior management team consisting of Functional Directors and CMD.
Based on the agreement, a Memorandum of Understanding (MoU) for the revision of wages, allowances and incentive schemes has been inked on Wednesday in Chennai between the Management of NLC India Limited and trade unions in the presence of the CMD and the functional directors of NLCIL and the senior central leaders of the trade unions (CITU & LPF).
This will be implemented after the approval of board of directors of NLCIL.
As per the MoU, the wage hike would be 13.5% as fitment benefit with 35% of the running basic pay as common allowance applicable to all the employees covered under the settlement.
Validity of the revision is for 10 years from January 1, 2017 as against the previous validity period of 5 years.
Apart from the above, the employees will get enhanced gratuity amounting to Rs 20 lakh and increase in other benefits linked to performance.
In respect of the revision of the incentive schemes, it has been agreed to introduce a single scheme called Unified Incentive Scheme as against the existing two different schemes with effect from January 2017 onwards. The scheme will be valid for a period of 10 years.