Business Daily from THE HINDU group of publications
Sunday, Jul 30, 2006
Business Daily from THE HINDU group of publications Sunday, Jul 30, 2006 |
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Industry & Economy
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Trade & Labour Unions Oil officers submit memorandum Our Bureau
The association has also submitted that the present petroleum product pricing policy is full of anomalies.
New Delhi , July 29 Officers from state-owned oil sector companies on Friday submitted a memorandum to the Ministry of Petroleum and Natural Gas demanding early resolution of pending issues, including a competitive compensation package for executives in line with private and multinational firms in the sector. The Oil Sector Officers' Association (OSOA) said the present compensation package of oil sector PSU executives was much below the prevailing salaries in the market place as a result of which there was large-scale exodus of trained and skilled officers to multinationals and the private sector. It has demanded that the Government implement the memorandum of understanding (MoU) signed between the association and the Petroleum Ministry at the time of the last pay revision. Due to the non-implementation of the MoU, the PSU officers have not been given annual increment since 2002, the association said.
Main points of MoU
The main points of the MoU signed in January 2000, while implementing the salary revision effective January 1, 1997 were: the periodicity of salary revision to be retained at five years i.e. the salary revision is due with effect from January 1, 2002, and 100 per cent dearness allowance (DA) neutralisation effective January 1, 1996, instead of January 1, 1997. The association has also demanded 50 per cent DA merger in line with Central Government employees. If the issues were not resolved immediately, the association proposes to resort to demonstration and handing over of memorandum to the Prime Minister, Dr Manmohan Singh, on August 4, hunger strike on August 28 and a flash strike on any day after August 28, Mr Ashok Singh, Convenor of OSOA, said.
Pricing policy
Besides raising the compensation issue, the association, in its memorandum, has also submitted that the present petroleum product pricing policy is full of anomalies. According to the association, under the present pricing scheme the Central and State Governments, as well as the local bodies, were profiting due to increase in crude prices. In the whole process, the PSUs were constrained to absorb financial losses due to under recoveries. The association also proposes to take up the issue of tax rationalisation in the case of petroleum products.
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