Employees of the State-owned miner Singareni Collieries Company Limited will get a special incentive following approval by Andhra Pradesh Chief Minister N Kiran Kumar Reddy. The announcement will benefit around 65,354 employees.

According to a statement from the Chief Minister’s Office, Kiran Kumar Reddy sanctioned an amount of Rs 72.05 crore as special incentive to all the employees of Singareni Collieries for the year 2012-13. This amounts to 18.3 per cent increase over last year, which is the highest special incentive announced so far.

The Chief Minister asked the trade unions and employees to strive to make up the short-fall of 2.60 million tonnes during these five months of the current financial year to meet the fuel supply agreement commitments to the power and other key sectors. He wanted them to progressively build the capacity of the organisation.

Each employee will get a minimum of about Rs 11,203 for 2012-13 as against Rs 9,308 for the previous year. Depending upon the employee attendance and performance during the year, the maximum will be around Rs 30,127 as against Rs 25,764 last year.

The collieries, which has made a remarkable turnaround from being a sick company has progressively increased the inventive. The total was Rs 8.90 crore in 2000-2001 and this had gone up progressively to Rs 60.90 crore in 2011-12 depending upon the net profits earned during the year.

Initially about 10 per cent of the net profit was shared with employees. This has gone up to 17 per cent during 2011-12. This year, it has been enhanced to 18 per cent of net profits. So far, Rs 417 crore has been paid to employees since 2000 onwards, the statement said.

rishikumar.vundi@thehindu.co.in

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