Hyderabad: Chief Minister K Chandrashekhar Rao showered Dasara-Deepavali double bonanza for Singareni Collieries Company Limited (SCCL) employees by announcing 25 per cent as bonus for the 2016-17 financial year and directing the authorities to release Deepavali bonus as well.
The 25 per cent bonus for financial year 2016-17 works out to Rs 98.84 crore. Likewise, the Deepavali Performance Linked Reward bonus (PLR) of Rs 57,000 to each employee which was announced in the past will be credited into the employees’ accounts on Friday.
Generally, the PLR bonus is paid during October second week in connection with Deepavali festival. But since both the festivals are being celebrated within short interval and considering employees’ welfare, Chief Minister directed the SCCL authorities to pay both the bonuses in one installment on Friday.
To this effect, SCCL Chairman and Managing Director N Sridhar gave necessary instructions to the financial department to credit the amounts into the employees’ accounts.
In addition to the Rs 57,000 Deepavali bonus, the 25 per cent annual bonus works out to an average of Rs 15,000 to Rs 20,000 to each employee. In total, each employee will be getting nearly Rs 72,000 to Rs 77,000.
In addition to these, SCCL has paid about Rs 25,000 to each as Dasara advance on September 22. During the current festive season, each employee will be getting about Rs one lakh.
SCCL has paid Dasara advance of Rs 120 crore, Deepavali PLR bonus of Rs 336 crore and 25 per cent bonus from profits of Rs 98.84. In total, all these funds of Rs 434 crore will be paid on Friday.
N Sridhar appealed to the employees to spend the funds cautiously and save as much as possible.
Prior to the formation of Telangana State, the maximum bonus offered from profits was 20 per cent. And, employees had to stage protests and demand even to get this amount.
The Chief Minister has been announcing high bonuses from profits for the last three years. Prior to TS formation, the bonus was restricted to 18 per cent in 2014-15 and it was revised to 21 per cent in 2014-15. It was hiked to 23 per cent in 2015-16 and it has now been increased to 25 per cent in 2016-17.