Companies

Singareni Collieries to pay workers 28% of profit as bonus, pending salary

Our Bureau Hyderabad | Updated on October 13, 2020 Published on October 13, 2020

N Sridhar, CMD, Singareni Collieries   -  P_V_SIVAKUMAR

Workers at Singareni Collieries have reason to cheer with the company planning to disburse annual bonus, clear pending salary, which was withheld due to Covid lockdown, while also extending advance on October 23 ahead of the festival season.

According to N Sridhar, Chairman and Managing Director of the State-owned coal mining company, it earned a profit of ₹993.86 crore during 2019-20 and will disburse 28 per cent (₹278.28 crore) as bonus, clear dues and also extend an advance.

Following the directions of Telangana Chief Minister K Chandrashekhar Rao, the management has decided to release 28 per cent bonus on profits to its staff on October 23 along with the pending portion salary for March which was withheld during Covid related lockdown in the State.

The CMD said each employee will receive ₹60,468 as bonus. It will be disbursed along with the withheld salary into their accounts on October 23.

In addition, the company will extend a festival advance of ₹25,000, which is an annual payout over the years. This will be deposited into their accounts on October 19.

Since the formation of Telangana state, the Chief Minister has enhanced the bonus payout percentage from 18 per cent in 2012-13, to to 28 per cent of profit as bonus for 2019-2020.

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Published on October 13, 2020
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