Companies

Singareni Collieries gives Rs 258 cr as Diwali bonus to employees

Our Bureau Hyderabad | Updated on October 25, 2019

The management of the Singareni Collieries Company Limited has earmarked and disbursed Rs 258 crore to employees towards Diwali Bonus and each employee will get Rs 64,700 towards performance linked reward scheme (PLRS).

This is a record in the history as 28% profit bonus was already disbursed to employees as Dasara bonus on October 1 after the announcement by Telangana Chief Minister K. Chandrashekar Rao. Each employee had received about Rs 1 lakh then.

In 2013-14, before the formation of Telangana, each employee received Rs 13,540 as profit bonus and Rs 40,000 as Diwali PLRS bonus, leading to a payout of Rs. 53,540.

For 2018-19, each employee received Rs 1 lakh as profit bonus and Rs 64,700 as Diwali bonus, resulting in an increase of 209% post the formation of Telangana.

N. Sridhar, CMD, Singareni Collieries, said “due to the hard work of employees, the company achieved a profit of Rs 1766 crore. This will enable the company to take up diversification, welfare programmes and extend more profit bonus.”

Published on October 25, 2019

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