Disburses Rs258-cr Diwali bonus to employees; Each one gets Rs 64,700; profit share and PLR bonus amounting to over Rs1.64 lakh for each employee; 209% jump in bonus after the formation of Telangana state
Hyderabad: Contrary to concerns over the cash-crunch situation, Singareni Collieries Company Ltd (SCCL) has kept its commitment in honouring Diwali bonus, which has been in practice for decades. Singareni employees on Friday received their Diwali bonus, or performance-linked reward scheme (PLRS). The total amount disbursed was Rs 258 crores, and each employee received Rs 64,700 as a bonus.
“This is a record in the history of PLRS bonus. We have already paid 28 per cent profit share on October 1, 2019, to over 48,000 employees as Telangana Chief Minister Mr K Chandrashekar Rao announced Dasara bonus. Each employee received almost Rs 1 lakh. This is the most in the history of Singareni,” said Mr N Sridhar, CMD of Singareni.
“Power utilities owe over Rs 6,000 crore to Singareni. But, the public-sector mining major managed to get the dues from the power utilities. Mr KCR had shown a special interest in paying the Diwali bonus to the Singareni employees. He doesn’t want to inconvenience any employees. Moreover, the ongoing TSRTC strike is mounting pressure on the state government. At this juncture, the Chief Minister doesn’t want any act that can tarnish the image of the TRS government,” said a senior leader to TBGKS, a recognized union at Singareni Collieries.
There is a tremendous increase in bonus after the formation of Telangana when compared to in 2013-14. In 2013-14 (in united AP) each employee received Rs 13,540 as profit bonus and Rs 40,000 as Diwali bonus (PLRS bonus), which means each employee received only Rs 53,540.
After the formation of Telangana, Chief Minister Mr K Chandrashekhar Rao increased the profit bonus tremendously. In 2018-19, each employee received almost Rs 1 lakh as the profit bonus and Rs 64,700 as Diwali bonus, which indicates that there is an increase of 209 per cent after the formation of Telangana.
Profit bonus announced following Coal India’s model was Rs 40,000 in 2013-14, and this year (2018-19) it increased to Rs 64,700 with a growth of 62 per cent. The Profit bonus, which announced the State Government increased unbelievably. In 2013-14, about 20 per cent profit bonus was announced, and each employee received Rs 13,540 on an average. After the formation of Telangana, Chief Minister K Chandrashekar Rao increased the bonus gradually every year, and this year it reached 28 per cent. Each employee received Rs 1,00,899 on an average. When compared to the singareni diwali bonus before the formation of Telangana there is an increase of 645 per cent in profit bonus. There is no instance of such huge profit bonus being given out in the country in any Government organization.
— NewsMeter (@NewsMeter_In) October 26, 2019
Let us work harder and earn more profits: N Sridhar, CMD
Singareni CMD Mr N Sridhar conveyed his Diwali wishes to the employees and congratulated them for receiving Rs 64,700 as PLRS (Diwali) bonus this year.
“Each employee received almost Rs1.65 lakh bonus, including profit bonus and suggested that this amount be saved or used for the needs of the family. Due to the hard work last year, Singareni made Rs 1,766-crore profit. All the employees should work with the same zeal to earn more profits this year as well. From the profits along with Singareni’s diversification, welfare programmes and more profit bonus can be achieved,” said Mr Sridhar.