Nagpur: Manganese Ore India Limited (MOIL), PU’s mini-ratna based in Nagpur, has approved a salary increase and bonus each RS28,000 for 5,800 employees on Sunday.
Wage revisions, who are waiting since 2017, will lead to the financial flow of the RS218 Crore for the company, with an impact per year to RS87 Crore.
Wage revisions will take effect from August 2017 to 31 July 2027 Moil has seen falling in profits for years.
It stood at RS176 Crore in the last financial year.
In current fiscal, the company has received RS61 Crore’s net profit for the quarter that ended in June.
This is a great progress since last year.
The advantage for the same quarter last year stood at RS1.88 Crore, which was associated with the impact of Covid.
Financial for the next quarter of fiscal is being resolved.
The advantage of the company before tax has fallen from the RS700 Crore to the RS400 Crore in the last three or four fiscals.
A provision has been made for increasing wages in account books, said press release issued by the moil.
Wage hike was announced in a rather dramatic way.
The function for dedicating a vertical shaft at one of the mines is held on Sunday.
Leader Union Ramavtar Devangan raised the problem when overcoming the steel minister of Union Ram Chandra Prasad Singh and Union Transport Minister Nitin Gadkari.
He said the revised wage had long been delayed, and said the problem had been taken before Gadkari too.
When Singh came to overcome the meeting, he quickly announced an increase in wages and bonuses.
Gadkari said if he put the word for the increase, now it also reaches workers to fulfill their commitment.
Production needs to be improved, he said.
Gadkari also expressed concern over the fall of profit while talking about the need to climb production.
MOIL CMD Mukund Chaudhary said the company could achieve profits for RS700 Crore songs because of higher price realization.
There are times when the manganese level has been at RS10,000 tons, and it also falls to RS5,900 at a certain stage.
The advantage will depend on the tariff.
Moil must keep interest rates in accordance with the international market because imports are also available.
Moil operations have been limited to Nagpur Regency, Bhandara and Balaghat.
Recently tied with Gujarat Mining Development Corporation (GMDC) to exploit manganese deposits in the state.
Similar tie-ups are planned in other areas too.