CIL officers may get arrears for eight years this festive season

KOLKATA: Some 40,000 officials at Coal IndiaBSE 2.14 % have a reason to splurge this festive season. They are set to receive arrears for eight years of performance related pay which, senior Coal India officials said, will vary from Rs 3 lakh on the lower side to Rs 15 lakh for the top rung.

Officers of the loss-making subsidiaries of the state-run company would benefit the most, as they would be eligible to also receive an additional pay revision, which has been implemented in its profit-making units.

Coal India is likely to see an outgo of about Rs 3,200 crore this year. It had made provisions in the past eight years for this payment. On Wednesday, the Cabinet approved payment of performance-related pay to executives and non-unionised supervisors of the company and its subsidiaries.

The payment would be out of a corpus created by pooling the profits of CIL subsidiary companies, duly setting off the losses of the loss-making units and the stand-alone profits of CIL, excluding the dividends received from its subsidiary companies.