After clearing 60% of wage revision arrears due since 2014 to the retired employees, Hindustan Shipyard Limited has sought approval from the Centre for revising wages for the employees and executives with effect from April 1, 2018.
Disclosing this to reporters, HSL Chairman and Managing Director Rear Admiral L.V. Sarat Babu said despite accumulated loss of ₹1,200 crore at the time of last revision, the management had cleared almost 60% of wage and leave arrears by borrowing bank loan and the remaining would be disbursed within the next few weeks.
Stating that the outstanding amount could not be released earlier due to heavy accumulated losses, legacy problems and poor order book position, he said now they had decided to increase salaries by 15% on basic plus DA. On the whole, it is expected to cast an additional burden of ₹10 crore to ₹12 crore. The allowances will also go up in proportionate to hike in basic and DA.
