Coal India executives have sought Prime Minister Narendra Modi's intervention for implementation of performance related pay (PRP) for nearly 19,000 officers of the world's largest miner.
Coal India executives have sought Prime Minister Narendra Modi's intervention for implementation of performance related pay (PRP) for nearly 19,000 officers of the world's largest miner.
The issue has been pending for long despite a high-level panel recommending its implementation. Executives in March had called off a three-day strike after the first day as they received assurances from CIL management in this regard.
"We solicit your intervention with a high hope considering your reputation and image all over the world for fast and timely decision making so that a genuine case which unfortunately got so delayed does not suffer any more," Coal Mines Officers' Association of India (CMOAI) said in a letter to the Prime Minister.
CMOAI Secretary General P K Singh said PRP is a part of pay implemented since January 1, 2007 and has been paid to all executives of other entitled PSUs, barring Coal India (CIL).
"The Committee of Secretaries (CoS) has recommended the PRP proposal of CIL on March 12, but it was kept pending due to code of conduct during Parliamentary election.
"After the formation of new government, a Cabinet note placed by the Ministry of Coal for final approval is still pending," Singh said in the letter.
Despite categorical assurance by CIL Chairman on March 13 after consultation with Coal Ministry that final approval of the Cabinet will be obtained with 2-6 weeks, the issue is yet to be resolved even after eight months, he added.
"75 percent of the payable amount has been paid to CIL executives for four years in 2012 but due to non-finalisation of the same, it is getting deducted from the retired/widows of deceased executives which is highly inhuman and painful," the letter said.
Earlier, the Coal Ministry had sought comments from various ministries, including Finance, on the draft Cabinet note for implementation of PRP of CIL employees.
The government had earlier floated a draft note to seek the approval of the Cabinet for permitting loss-making and marginally profit-making subsidiaries of CIL to adopt 2007 pay revision as an exception to the prescribed affordability clause and payment of performance related pay to the executives of all subsidiaries of CIL.
Coal India stock price
On November 28, 2014, Coal India closed at Rs 354.75, up Rs 5.55, or 1.59 percent. The 52-week high of the share was Rs 423.85 and the 52-week low was Rs 240.50.
The company's trailing 12-month (TTM) EPS was at Rs 21.06 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 16.84. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 13.62.
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