The Board of Directors of State-owned Singareni Collieries Company Limited has finalised a ₹2,550-crore annual budget for 2021-22 and ₹1,750 crore for 2020-21.

After the 556th Board of Directors meeting today, N Sridhar, Chairman and Managing Director of Singareni Collieries, said that it was decided to deposit ₹10 per tonne of coal production in the Coal Mines Pension Scheme (CMPS) to help the pensioners.

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He said that their retirement mine workers are paid from the Coal Mines Provident Fund (CMPF) in full along with the pension paid monthly (CMPS) which is calculated based on their tenure. The number of workers retiring has gone up, and hence, there is a shortfall of funds. To bridge this gap, this move by Singareni of paying ₹10 for every tonne of coal produced to the CMPS fund, along with Coal India, is expected to help the retirees. This decision will be implemented from December 19, 2020, and help in the smooth payment of pension to the retired workers.

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The Board primarily agreed to award small contract works to SC and ST communities as per the Telangana State Government GO No. 59. The framework and procedure with regard to this will be formed as per the Government GO.

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