12% special incentive for Singareni staff

Chief minister Y S Rajasekhara Reddy today announced a 12 per cent special incentive to the 92,000 strong Singareni Collieries Company (SCCL) workforce from the company's net profits for the year 2003-04.

The 12 per cent incentive is the highest ever profit sharing announced for the Singareni workers. This year SCCL has set itself a production target of 35 million tonnes of coal.

The state government's decision is expected to cost around Rs 20 crore as the company's net profits for the year stood at Rs 162 crore. This incentive is in addition to the statutory payment of 8.33 per cent bonus which will be normally given in the month of November.

The chief minister exhorted the workers to work harder and achieve more production to meet the high demand for coal.

He also said that the government would expedite the process on developing new mines in the Singareni area keeping in view the coal demand and the need to provide employment.