For the employees of state-owned Singareni Collieries Company Limited (SCCL), the chief minister of Telangana, K Chandrasekhar Rao announced a 30% profit sharing bonus as a Dussehra gift for the year 2021-22. An order has been passed to his Principal Secretary based on the instructions given by the chief minister.
The Singareni Chairman and Managing director are likely to pay the special incentive to Singareni workers on the spot prior to Dussehra occasion. Apart from this Singareni company will pay Rs 368 crore to the qualified workers. Compared to last year, this year’s profit sharing bonus is 1% higher.
In 2021, the state government had announced a 29% bonus. It had allotted over Rs 350 crore for the bonus and each National Coal Wage Agreement employee had received Rs 72,500 as bonus. N. Sridhar, the Chairman and Managing Director of the company said that the firm was confident of achieving an annual tune of over Rs 3,000 crore.
The SCCL is jointly owned by the government of Telangana and the Indian government on a 51:49 equity basis. The Singareni coal reserves stretch across 350 km of the Pranahita – Godavari Valley of Telangana with proven geological reserves aggregating to a whopping 8791 million tonnes.