Singareni to pay Rs 419-cr Diwali bonus to workers on Nov 5

Hyderabad, Oct 30 (TNT) Singareni Collieries Company Limited (SCCL) will pay Rs 419 crore as Diwali bonus to its eligible workers on November 5, with the average payout expected to be around Rs 1,10,250 per employee.

Deputy Chief Minister and Energy Minister Bhatti Vikramarka on Friday directed the Singareni management to credit the Performance Linked Reward to workers’ bank accounts on the stipulated date.

Around 38,000 employees covered under the National Coal Wage Agreement (NCWA) are expected to benefit from the payment.

The bonus is not applicable to officers.

Workers who completed 190 working days in underground mines or 240 working days in opencast and surface sections during the previous financial year will receive the full bonus.

Those who worked for fewer days will receive proportionate amounts, subject to a minimum eligibility of 30 working days.

Bhatti said nearly Rs 600 crore had already been paid to workers as profit-sharing bonus this month and another Rs 419 crore would be disbursed as Diwali bonus.

He said the government was making efforts to support Singareni’s development and expansion and called for measures to reduce coal production costs amid increasing competition in the sector.

Acting on the Deputy Chief Minister’s directions, Singareni CMD Dr Buddhaprakash Jyoti instructed the Personnel and Finance departments to make arrangements for crediting the bonus to workers’ accounts on November 5.

With the Dasara and Diwali bonuses, workers are expected to receive an average of nearly Rs 2.65 lakh during the month.The company would spend around Rs 1,020 crore on the two bonus payments, the statement said.

The CMD extended Diwali greetings to employees and urged them to use the bonus for family needs and save a portion where possible.

He also called upon workers to strive towards achieving the production targets set for their respective mines and departments.

TNT TS