Companies

Singareni Collieries employees to get ₹493 crore as bonus

Our Bureau Hyderabad | Updated on September 19, 2019 Published on September 19, 2019

PO23_Bonus_key

CM approves payout @ 28% of profit

 

Telangana Chief Minister K Chandrashekar Rao has approved a profit bonus of 28 per cent to employees of the Singareni Collieries Company Ltd.

This works out to ₹493 crore out of the profit of ₹1,763 crore the mining company achieved during 2018-19.

On an average each employee would receive a bonus of ₹one lakh as against ₹60,370 they received last year.

N Sridhar, CMD of Singareni instructed the Finance and Personnel Departments to ensure that the bonus is immediately disbursed and credited to the employee’s bank accounts during the first week of October.

While ₹314 crore were distributed before the formation of Telangana up to 2014, ₹1,267 crore has been handed over profits to the employees after formation of Telangana State in the last 5 years.

Published on September 19, 2019
This article is closed for comments.
Please Email the Editor