Cabinet approves performance-linked payment for CIL officers
Updated: Oct 14, 2015 04:44:29pm
New Delhi, Oct 14 (KNN) The Union Cabinet today gave nod for the payment of Performance Related Pay to executives and non-unionised supervisors of Coal India Ltd (CIL) and its subsidiaries.
The Cabinet has approved the recommendations of the Committee of Secretaries to regularise the 2007 Pay Revision implemented by CIL with effect from January 1, 2007 in the loss making subsidiaries, an official release said.
The Cabinet Committee chaired by Prime Minister Narendra Modi also approved the payment of Performance Related Pay (PRP) to executives and non-unionised supervisors of CIL and its subsidiaries.
"The payment would be out of the corpus created by pooling the profits of CIL subsidiary companies, duly setting off the losses of the loss making subsidiaries and stand-alone profits of CIL, excluding dividends received from its subsidiary companies," it said.
This will be with the condition that the corpus for payment of PRP should be treated as a yearly corpus with no provision for carrying it forward to subsequent years, it added.
This would ensure equity among executives who are transferable, across the subsidiaries companies, and would also help in keeping up the morale of executives working in loss making central public sector enterprises (CPSEs) and the Central Mine Planning and Design Institute (CPMDIL). (KNN Bureau)
The Cabinet has approved the recommendations of the Committee of Secretaries to regularise the 2007 Pay Revision implemented by CIL with effect from January 1, 2007 in the loss making subsidiaries, an official release said.
The Cabinet Committee chaired by Prime Minister Narendra Modi also approved the payment of Performance Related Pay (PRP) to executives and non-unionised supervisors of CIL and its subsidiaries.
"The payment would be out of the corpus created by pooling the profits of CIL subsidiary companies, duly setting off the losses of the loss making subsidiaries and stand-alone profits of CIL, excluding dividends received from its subsidiary companies," it said.
This will be with the condition that the corpus for payment of PRP should be treated as a yearly corpus with no provision for carrying it forward to subsequent years, it added.
This would ensure equity among executives who are transferable, across the subsidiaries companies, and would also help in keeping up the morale of executives working in loss making central public sector enterprises (CPSEs) and the Central Mine Planning and Design Institute (CPMDIL). (KNN Bureau)
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