Coal news and updates

Govt OKs performance-linked pay for Coal India executives

The Cabinet on Wednesday approved the payment of performance related pay (PRP) for Coal India executives and non-unionised supervisors.

It  also approved the recommendations of the Committee of Secretaries to regularise the 2007 pay revision implemented by CIL with effect from January 1, 2007 in the loss-making subsidiaries of the company. “In recognition of the sterling performance by CIL in terms of augmenting coal production, the government has approved performance related pay proposal for the company,” coal secretary Anil Swarup told FE after the Cabinet decision.

The decision to regularise the pay revision for loss-making subsidiaries would ensure equity among executives who are transferable, across the subsidiaries companies, and would also help in keeping up the morale of executives working in loss-making CPSEs and CPMDIL. All executives in CIL and its subsidiaries are drawn from a common centralized cadre and they are all considered to be employees of the holding company that is CIL.

The payment would be out of the corpus created by pooling the profits of CIL subsidiary companies, after setting off the losses of the loss making subsidiaries and stand-alone profits of CIL, excluding dividends received from its subsidiary companies, the government said in a statement.

Additionally, the government said that the corpus for payment of PRP would be treated as a yearly corpus with no provision for carrying it forward to subsequent years.

Productivity reward scheme for port staff

The government gave nod for extension of a scheme for payment of productivity-linked reward to port and dock employees to the current fiscal, a move that will benefit about 44,000 workers and officers.

“The Union Cabinet chaired by Prime Minister Narendra Modi today gave its approval for extending the existing Productivity Linked Reward (PLR) Scheme for port and dock employees for payment of Productivity Linked Reward from 2014-15 to 2015-16. The payment of PLR will be made after adjusting the ad-hoc amount already paid for 2014-15,” an official statement said.

CISF, CRPF, ITBP to get over 13,000 houses

Over 13,000 houses and more than 100 barracks will be constructed at different locations across the country for CISF, CRPF and ITBP personnel by the government as part of its endeavour to improve the efficiency of the forces.
The CCEA gave its approval for the construction of 13,072 houses and 113 barracks of various types at 68 locations of the CISF, CRPF and ITBP during 12th Five Year Plan (2012-2017).

Rs 7k-cr loan from banks to clear urea subsidy

CCEA gave approval for Rs 7,000 crore loan that was taken by the government from public sector banks to clear outstanding urea subsidy bill during the last fiscal. The Centre provides urea to farmers at a fixed maximum retail price (MRP) of Rs 5,360 per tonne. The difference between the cost of production and MRP is provided as subsidy to manufacturers.

source: http://www.financialexpress.com