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Union Government approved performance-linked payment for CIL officers

The payment will be given 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.

Oct 15, 2015 15:15 IST
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The Union Government on 14 October 2015 gave a green signal to payment of Performance Related Pay (PRP) to executives and non-unionised supervisors of Coal India Ltd (CIL) and its subsidiaries.

The recommendations of the Committee of Secretaries were approved by the Union Cabinet to regularise the 2007 Pay Revision implemented by CIL with effect from 1 January 2007 in the loss making subsidiaries.

The payment will be given 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.

However, it will be done 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.

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