Salary Increase News: The central government has finally approved the salary hike of some more employees. The ministry informed that the wage revision agreement with the trade unions for the non-executive employees of Coal India Limited has been approved. Now these employees will get the benefits of basic, VDA, special dearness allowance and bonus etc. in their salary. Apart from this, the allowance will be increased by 25 percent.
In a note sent to Coal India, the ministry said approval has been given for NCWA-XI of Coal India Limited, Singareni Collieries Company Limited and trade union representatives. The deal will benefit around 2.81 lakh employees of CIL and SCCL. Who were working with the company from 1 July 2021.
This deal was done in May
The agreement was signed in May on behalf of the Joint Bilateral Committee for Coal Industry (JBCCI)-XI. It includes representatives of CIL Management, Singareni Collieries Company Limited (SCCL), five Central Trade Unions – BMS, HMS, AITUC, CITU, Mine Workers Federation (INMF) and Indian National.
How much increase in provision
CIL has for a period of 21 months from July 1, 2021 to March 31, 2023 Rs. 9,252.24 crore has been provided. The company’s net profit for the fourth quarter of fiscal 2023 fell 18 percent to Rs. 5,528 crores.
19 percent increase in salary
After this approval of the Ministry of Coal, now apart from dearness allowance, the basic pay and others will be increased. The total increase could be up to 19 percent. The hike is for a total of 21 months from July 2021 to March 2023.
DA Hike: Central employees may get good news in January 2022. A hike in Dearness Allowance (DA hike) is expected soon. That means there will be a bumper increase in the salary of the employees again. The central government can take a decision on the demand of central employees regarding the fitment factor.
If the fitment factor of central employees is increased, their basic pay may increase significantly. How much the dearness allowance will increase is yet to be decided. However, November data of All India Consumer Price Index (AICPI) has been released.
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