SAIL employees to get wage hike after two-year wait

Steel Authority of India Ltd’s 85,000 non-executive employees will get a 17 per cent hike in basic pay and dearness allowance along with a 6 per cent rise in perks. The wage revision, pending for over two-and-a-half years, was approved by Steel Minister Narendra Singh Tomar on Wednesday. A senior company official said the State-run steelmaker has already made the provision for paying out majority of the arrears and the immediate outgo will be ₹2,300 crore. Due to the wage hike, SAIL will bear an additional expense of ₹1,000 crore annually. In fiscal 2013-14, SAIL had spent ₹9,594.03 crore, which was around 20 per cent of its total income from operations for the fiscal.

Read the Hindu Business Line news report here.