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New UserImpasse continues over wage hike at Coal India as talks with unions fail
23 Aug 2017
The meeting between the Coal India management and unions over a wage hike ended without a decision being taken as the company said it wasn't in a position to meet the demands, as per a report published in The Economic Times.
The unions did not accept the company’s argument that it did not have sufficient funds because it had paid excess dividend and fund transfer to the government under the buyback scheme.
The company management said that it is only in a position to give 15 percent hike, whereas the unions were demanding a 21 percent hike, down from the 50 percent hike it originally demanded.
The report states that salaries account for nearly 52 percent of the cost of production and the company spent Rs 33,000 crore on salaries for the year 2016-17.
The unions and the management negotiate salary hikes after every five years.
Source: Money Control