The Ministry of Labour and Employment on Wednesday said that a new wage settlement of MOIL workers has been signed between MOIL Management and MOIL Kamgar Sanghathan, which will benefit over 6,000 workers.

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A labour ministry statement said that the wage settlement was signed in presence of Chief Labour Commissioner (Central).

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This wage revision is for 10 years from August 1, 2017, up to July 31, 2027, benefitting close to 6,000 company employees. It is based on an MOU arrived between management and recognized union of MOIL i.E. MOIL Kamgar Sanghatan (MKS).

The settlement includes a fitment benefit of 20 per cent and perks/allowances at the rate of 20 per cent. An interim relief at the rate of 12 per cent of Basic and DA (dearness allowance) was given by the company with effect from May, 2019.

It was agreed that MOIL will be making the arrear payment in one go, which will have a financial impact of Rs 218 crore approximately for the period it is due i.E. From 1st August, 2017 to 30th September, 2021.

The financial impact of the proposed wage revision will be about Rs 87 crore per annum. MOIL LIMITED has already made full provisions for this wage increase in the books of accounts.

MOIL Limited is a Schedule-A, Miniratna Category-I CPSE under the administrative control of Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country and operates 11 mines in the states of Maharashtra and Madhya Pradesh. MOIL.