National

Singareni Collieries staff to get 23% additional bonus

V Rishi Kumar Hyderabad | Updated on January 16, 2018 Published on October 07, 2016

The staff of Singareni Collieries Company Limited will get additional bonus of 23 per cent, up from 21 per cent they received during 2015-16.

Following the approval by Telangana Chief Minister K Chandrasekhar Rao, for an enhanced bonus this year, the State-owned mining company will have to shell out about ₹ 560 crore.

Apart from ₹ 54,000 as bonus during the Diwali festive season, the employees will get this additional 23 per cent bonus for the improved performance the mining company registered last financial year, according to N Sridhar, Chairman and Managing Director of SCCL.

Along with Diwali bonus, this works out to about ₹ 1 lakh per employee, according to a statement from the SCCL.

While last year 21 per cent worked out to ₹102.9 crore, the proposed hike to 23 per cent will be about ₹ 245 crore due to enhanced profitability.

The company had registered a growth of about 15 per cent last financial year and logged in a profit of ₹ 1066 crore.

The mining company is seeking to further improve its output to 66 million tonnes this year, which will ensure it sustains growth trajectory and profitability.

Published on October 07, 2016
This article is closed for comments.
Please Email the Editor