Coal India Wage Hike: Latest News of 25% Pay increase: Finance Trading Times

Coal India Wage Hike: Latest News of 25% Pay increase

The management of the largest coal miner of India, Coal india Limited, has finally come to agreement with the workers union about the Wage Hike or Salary Hike for its 3 Lakh Workers (300,000 employeees). The reports say that the wage hike agreement has been for 25% increase in the salary of the non-executive employees of Coal India Limited.

Coal India Employee Salary Hike: Latest News

Although the unions were demanding around 100% wage hike (i.e. double the existing salaries), and the various analysts were of the opinion that hike would be in the range from 15% to 30%, the management is reported to have settled it for 25% increase. Coal India
How many employees of Coal India will benefit from this Wage Hike?
It is reported that around 300,000 (3 Lakh) employees of Coal India will benefit from the Pay hike decision

How much will this Wage Hike cost Coal India ?
If 25% wage hike is what is agreed on, then it will cost around Rs. 3,360 crore - which will not impact the company financials much as it is in line (or somewhat lower) with the majority of estimates by the stock analysts.
Overall, The employee cost for coal India in FY'12/13 is expected to remain in-line with the estimates.

Coal India's wage bill is Rs 15,000 Crores per year. With this additional 25% increase, another additional 4000 crore per year will be required for the wage bill.

What is the current basic salary of Coal India Workers?
As of now, the basic salary of a Coal India worker is around Rs 8,320 per month.
Add around 25% hike to it and it will reach around 10,400 or so. However, exact figures will be available later.

Related: Coal India IPO

From which date will the Coal India Wage Hike be effective?
Coal India Wage Hike be effective is reported to be effective from July 2011. That means workers can expect some lumpsum amount payment in form of arrears payment. This new increased wage will be for 5 years.
Coal India Wage Hike
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