RBI increases repo rate by 50 basis points
The RBI Governor Shaktikanta Das, heading the MPC, announced the hike to subdue the inflation.
In a major development, MOIL (Manganese Ore India Ltd) signed a wage revision agreement with the MOIL Workers benefitting more than 6,000 people associated with MOIL giving its workers a nearly 20 % increase.
The wage revision is for 10 years from August 1, 2017, to 2027. As per the agreement with the workers, the company would give several benefits including a fitment benefit of 20% and another allowance at 20%, said a senior officer of the Steel Ministry here on Wednesday.
Besides an Interim relief @ 12% of Basic and DA was given by the company with effect from May 2019, the Ministry said.
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“The company would also be making the arrears payment in one go. While the arrears would have a financial impact of Rs.218 crores approximately for the period, the revision in wages would have an annual impact of Rs 87 crore to the company,” he stated.
The agreement also specifies that the settlement will be implemented within 60 days of the signing of the same. MOIL is a miniratna state-owned manganese ore mining company headquartered in Nagpur, India. With a market share of 50%, it is the largest producer of manganese ore in India. MOIL operates 11 mines in adjoining districts of Maharashtra and Madhya Pradesh,
“This agreement ushers a new era of growth and prosperity for MOIL and its employees. It will certainly motivate the employees to work towards higher production and productivity,” the Ministry said.
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