The Telangana government on Wednesday announced a 27 per cent share in the profit of Singareni Collieries Company Limited (SCCL) to the company’s employees for the financial year 2017-18.
This is a hike of 2 per cent from the previous year’s profit shared with the employees.
Telangana Chief Minister K Chandrasekhar Rao instructed the Chairman and Managing Director (CMD) of the company to carry out the order.
SCCL is co-owned by the state and Centre on a 51:49 equity basis.
The chief minister has also instructed the CMD to immediately pay Performance Related Pay (PRP) to the employees, due for the last eight years, said a release from the Chief Minister's Office.
The company has a workforce of over 56,000 and had clocked a net profit of Rs 1,212 crore in FY 2017-18.
The chief minister has assured the workers that the government would allot them land in Hyderabad for constructing houses.
Apart from this, the CM has also promised Rs. 10 lakhs as interest-free loan facility that would be extended to the employees for house building, said the release.
A delegation of Coal Mines Officers Association members and leaders from Telangana Boggu Ghani Karimka Sangham (TBGKS) - a trade union of coal mine workers in the Singareni leaders, led by TBGKS honorary chairperson and MP Kalvakuntla Kavitha, met the chief minister at Pragathi Bhavan in Hyderabad on Wednesday, reported The New Indian Express.
A cheque for Rs 1 crore was presented by the Singareni officers to the Chief Ministers Relief Fund for the welfare of ex-servicemen.
“The Singareni Collieries Company Limited’s expertise should be utilised to extract the sand and granite reserves which are available in abundance in the state. The government is also thinking of entrusting the responsibility of mining in Bayyaram mines to Singareni collieries. The company should come out with a study paper on areas into which it can diversify. It should embark on multifarious activities on the strength of its experience, expertise and working methodology,” said the CM while interacting with media.