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MOIL approves salary hike of Rs 218 crore

The financial statements for the next quarter of the current financial year have been finalized. In the last 3 or 4 financial years,

Nagpur: On Sunday Nagpur-based Mini Ratna PSU Manganese Ore India Limited (MOIL) fully approved the salary hike for its employees up to 5,800 and bonus up to Rs 28,000. Pay revision, which was pending since 2017. This will result in a financial outflow of up to Rs 218 crore for the company. Which will have an annual impact of up to Rs 87 crore.

moil salary hike

Pay revision will be valid only from August 2017 to July 31, 2027.

Manganese Ore India Limited has seen a decline in profits over the past several years. In the last financial year, it was up to about Rs 176 crore. In the current financial year, the company has made a net profit of about Rs 61 crore in the quarter ended June itself. This is big progress from last year. The profit in the same quarter last year stood at around Rs 1.88 crore. For which full credit has been given to the effect of coronavirus.

The financial statements for the next quarter of the current financial year have been finalized. In the last 3 or 4 financial years, the profit before tax of the company has come down from about Rs 700 crore to about Rs 400 crore.

In a press release issued by Manganese Ore India Limited, it has been said that the provision of increment in these books of accounts has been made long back.

Salary Hike & Bonus Announced Quickly

The salary hike was announced in a dramatic fashion. On Sunday, 1 ceremony was organized to dedicate 1 vertical shaft in its 1 mine. Union transport minister Nitin Gadkari and Union steel minister Ram Chandra Prasad Singh, the Union leader Ramavtar Devangan raised the issue. He had said that the pay revision was pending for a very long time. And it has also been said that this matter has also been taken up with Nitin.

When Singh came to address this meeting. He had announced a salary hike and bonus at the same time. Nitin has said that if he utters a single word for growth. Then now it is also up to the workers to finally fulfill their commitments. He has also said that there is a great need to increase this production.

Nitin also spoke about the need to increase this production and expressed concern over the fall in profits.

Manganese Ore India Limited CMD, Mukund Choudhary, has said that due to high value realization the company can also make profits up to Rs 700 crore. Very often the rate of manganese has also been around Rs 10,000 per tonne. And it has also fallen to about Rs 5,900 at many levels.

The operation of Manganese Ore India Limited is limited to Balaghat, Nagpur, and Bhandara districts only. It has recently tied up with Gujarat Mining Development Corporation (GMDC) to tap manganese deposits in the state. And now there are plans for similar tie-ups in other areas as well.

Also Read: October ends with 10 new covid-19 cases, 11 cured

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