Telangana state government has unveiled an unprecedented bonus package for Singareni Collieries workers, marking a significant milestone in the company’s history. This year’s bonus distribution highlights the company’s strong financial performance and commitment to employee welfare.
Key Highlights:
- Total bonus amount: Rs.796 crore
- Average bonus per worker: Rs.1.90 lakh
- Increase from last year: Rs.20,000
- First-ever bonus for contract workers: Rs.5,000 each
- Singareni’s profit for 2023-24: Rs.4,701 crore
- Bonus percentage: 33% of profits
Telangana Deputy Chief Minister Bhatti Vikramarka announced the bonus details, emphasizing Singareni’s status as a state-owned institution. The company’s workforce includes 41,837 permanent employees and approximately 25,000 contract workers.
Bonus History and Growth:
- First bonus introduced: 1999-2000
- Initial bonus amount: Rs.30 crore (10% of Rs.300 crore profit)
- Average bonus per worker in 1999-2000: Rs.2,782
- Steady increase over the years
- 2021-22 bonus: 30% of profits
- 2023-24 bonus: Record-breaking 33% of profits
This year’s bonus is the highest in Singareni’s history, with top-performing workers potentially receiving over Rs.2.5 lakh. The inclusion of contract workers in the bonus scheme marks a historic first for the company.
Singareni’s Journey to Profitability:
- 1990s: Company faced heavy losses
- Turnaround achieved through worker-management collaboration
- Consistent profits since 1999-2000
- Now recognized as a top-tier public sector organization in India
-Sanyogita