Financial Daily from THE HINDU group of publications
Wednesday, Nov 12, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 12, 2003 |
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Corporate
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Trade & Labour Unions RINL to clear one-year wage arrears Our Bureau
Visakhapatnam , Nov. 11 THE Rashtriya Ispat Nigam Ltd (the steel plant here) has agreed to pay its employees wage arrears for 2000-2001. A press release issued by the company says that an agreement was signed on Monday evening between the management and the unions. "The above gesture is another initiative by the management to build up a highly congenial environment for higher production, productivity and profit,'' says the release. The agreement was signed by Mr M. Rajasekhar, General Secretary of the Visakha Steel Employees' Congress affiliated to the INTUC, and other trade union leaders. The management was represented by Mr Panchanan Chaudhuri, Executive Director (HRM), Mr C. Siva Prasad, Executive Director (F&A), Mr K.K. Rao, General Manager (Works) and others. Mr Rajasekhar, said the management had agreed to disburse the amount to the workers on November 18. He said the decision was taken after a series of discussions with the Union Steel Ministry and the management. He said the employees had to get the wage arrears for the three-year period between January 1, 1997, to December 31, 1999. The management had promised to clear the arrears after the completion of the financial year. He said the Visakha Steel Employees' Congress, after winning the election for the majority status, could achieve a lot for the workers in a short period. The workers had been paid Rs 12 crore in the form of incentive and Rs 8.5 crore as bonus. Now, they would get Rs 48 crore as wage arrears. He appealed to the Union Steel Ministry to give permission for the expansion of the steel plant to five million tonnes. He said the plant had turned around and was performing well on all fronts and the expansion would further consolidate its position in the domestic and international markets. However, the minority union affiliated to the AITUC criticised the agreement saying that the recognised union had colluded with the management and let down the workers. He said the company had earned a net profit of Rs 430 crore during the past six months itself and it was in a position to clear the arrears for all the four years. "The recognised union has agreed to take the arrears for one year and let down the workers,'' Mr Adinarayana, of the AITUC, alleged and said the management should clear all the arrears immediately.
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