SCCL pays special incentive

KHAMMAM, JULY 24. The Singareni Collieries Company Limited (SCCL) paid Rs. 19.73 crores as productivity-linked special incentive to 92,700 coal workers and employees in all its 13 areas today. The mood of the coal workers was, however not as cheerful as last year.

Though the company has enhanced the incentive percentage, the net benefit for coal workers was falling short of their expectations. The company paid Rs 45.85 crores (11 per cent of the net profit) to the employees towards the productivity-linked incentive last year.

Profit up

It had enhanced the incentive to 12 per cent for 2003-2004. But the gesture could hardly enthuse workers as the net profit of the company slid to Rs. 164.43 crores.

The actual profit made by the company this year was around Rs. 500 crores. But under the new system Rs. 188 crores was kept aside for deferred tax while Rs. 133 crores was paid towards income tax.

The criteria

The incentive payment was made taking into consideration three factors- attendance, individual performance and group performance of the mine or the working unit.

bout 65 per cent of the payments would be made on the basis of attendance, 20 per cent on individual performance and 15 per cent on group performance.

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