Hyderabad, Oct 3 (INN): Chief Minister N 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, while progressively building the capacity of the organisation.
The Chief Minister’s announcement will benefit around 65,354 employees. The average amount to be received by an employee this year will be Rs.11,203 compared to Rs.9,308 last 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 amounts distributed per annum in the past has been ranging from Rs.8.90 crore in 2000-2001 to Rs.60.90 crore in 2011-12 depending upon the net profits earned during the year. The per cent on net profits shared was initially at the rate of 10 per cent and has reached 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.