Ahead of the festival of lights, Diwali, the management of Singareni Collieries Company Ltd (SCCL) appears to have brought more joy to its workers by announcing a maximum bonus of ₹64,700 each under the performance linked reward scheme (PLRS) as “Diwali bonus”.
The company management has released ₹258 crore for paying the PLRS to its workers on Friday.
This is the second tranche of bonus being received by Singareni workers after they were paid “Dasara bonus” on an average of ₹1 lakh per worker from out of 28% share in the company's profit of ₹1,766 crore achieved during the last financial year.
According to the company officials, all the underground and open cast mine workers would get a maximum of ₹64,700 as Diwali bonus based on their muster rolls (attendance).
Deduction
An amount proportionate to their absence from duties beyond their eligible leave during the last financial year would, however, be deducted from the amount.
The company officials stated that including the bonus given before Dasara and the present tranche, the bonus paid to Singareni workers had increased by 209% after formation of Telangana. They explained that in 2013-14, every worker was paid a maximum of ₹13,450 as bonus out of profits and another ₹40,000 as performance linked incentive, taking the total to a maximum of ₹53,450. This year, the bonus given in two tranches is up to ₹1,64,700.
Singareni has been giving the performance linked bonus on the lines of Coal India and it has increased by 64% by 2018-19 compared to the incentive given in 2013-14. However, the bonus given as a share of profits has increased by 645% as it was just ₹13,540 in 2013-14 against an average of ₹1,00,899 for 2018-19, the company officials stated.
Meanwhile, Chairman and Managing Director of SCCL N. Sridhar has complimented the workers for getting another tranche of bonus and asked them to work with renewed vigour and improved spirit.
Stating that the company could achieve ₹1,766 crore profit during 2018-19 only due to the hard work of the workers, he asked them to put up improved performance this year and achieve better profits so that more welfare measures could be taken up and higher bonus could be given to them.
