Date:27/08/2005 URL: http://www.thehindubusinessline.com/2005/08/27/stories/2005082702551900.htm

Back AP CM announces profit-sharing for SCCL staff

Our Bureau

Hyderabad , Aug. 26

THE Chief Minister, Dr Y.S. Rajasekhara Reddy, today announced 12 per cent of profits (profit after tax) to be shared as special incentive for Singareni Collieries Company Ltd (SCCL) employees.

He made the announcement in the presence of the Minister for Labour, Mr G. Vinod; the INTUC State President, Mr B. Venkata Rao; the TNTUC State Vice-president, Mr M.L. Kantha Reddy; and Mr Sreedhar Babu, MLA.

The Company will disburse Rs 43.35 crore to its employees out of the Rs 361.26-crore net profit for 2004-05. The Company has been able to achieve the target for the past 3 years and profit for eight successive years.

According to an official press release, the SCCL will commence coal production from Sattupalli OCP-I, Khairagura OCP and Manugur OC-III during the current year. It proposes to open three shaft block mines in the Ramagundam region and four opencast mines in Adilabad district and one in Khammam district during the next 2-3 years.

The SCCL has been undertaking various employee welfare oriented programmes including health care and conducting literacy and vocational training programmes. The company has increased expenditure on welfare progressively and spent Rs 376 crore during 2004-05. The per capita welfare expenditure of Rs 40,925 during 2004-05 is also the highest ever in the company.

Keeping in view of NCWA-VII wage board impact on cost of production, the Chief Minister exhorted SCCL employees to achieve 36 million tonnes coal production target for the current year and improve the productivity, the release added.