N Srinivasan, Vice-Chairman and MD, The India Cements Ltd, is seen with representatives of trade unions after the signing of a new wage agreement, in Chennai on January 13, 2023. Roopa Gurunath, Whole Time Director and senior officers of the company were also present on the occasion.
India Cements Limited (ICL) has entered into a four-year wage settlement with trade unions with effect from April 1, 2022.
The new wage settlement provides for a total increase of Rs 5,000 per month for workers employed in all the 10 cement plants of ICL and will benefit over 500 workers.
Further, the settlement provides for revising the variable DA payable from ₹2.55 per point to ₹2.75 per point. This is expected to fetch an additional ₹5,000 per month at the end of the fourth year.
In addition to the settlement, the management has also announced a new floater mediclaim policy for an annual insurance cover of ₹3 lakh per employee for all employees involved in the settlement. ICL will pay the premium amount and it will cost ₹1.65 crore per annum.
The agreement was signed on January 13 by ICL Vice-Chairman and MD and N. It was signed before the Deputy Chief Labor Commissioners (Central) by Srinivasan and representatives of trade unions affiliated to INTUC, LPF, CITU, MDMK and internal unions in the company’s plants. in Chennai and Hyderabad.
“For the past 30 years, I have been negotiating on behalf of the cement industry with all central trade unions. Since it is taking time this time to reach a consensus, we have now entered into a 12(3) settlement with our unions for the benefit of the employees at all our plants, said Mr. Srinivasan.
Since 1992, Mr. Srinivasan has been leading negotiations with central unions on behalf of the cement industry and has reached seven agreements as of 2018.