According to a conference signal, the price of coal would rise after five years and the 11th wage settlement will be reimbursed in this manner
Coal India would spend about 5,000 crores as a result of the eleventh wage settlement. It is possible that the cost of coal will rise in such a circumstance. For a period of five years, coal workers' wages have been settled. 19% MGB has been agreed upon as of yet.
Dhanbad Jagran Correspondent. The burden of the 11th Coal Wage Settlement will fall on Coal India and its affiliated businesses. The thinking about how to make up for this has already begun. The price of coal may rise, according to Coal India. Coal miners will begin receiving the benefit of the wage deal in July 2021.
This will place an annual load of roughly 5,000 crores on Coal India. For a period of five years, coal workers' wages have been settled. 19% MGB has been agreed upon as of yet. The allowance settlement has not yet been completed.
The cost of coal will rise after five years
Soon, Coal India will be able to raise the price of coal. At the Indian Coal Market Conference held here on Monday, Pramod Agarwal, Chairman of Coal India Ltd, made this statement. He claimed that there is a compelling argument for raising the price of coal. In he past five years, rates have not gone up.
This year, wage negotiations took place, which will have an effect on Coal India Limited's financial situation, particularly that of its subsidiaries, whose high human resource expenditures. Many issues may arise if the price of coal is not raised. In this regard, discussions are being held with all relevant parties, and once those discussions are complete, coal prices may be raised.
Moreover, preparations are being made for coal production
Agarwal added that it's critical to be prepared for production. Until a country's energy supplies are secure, it cannot develop. He claimed that by 2030, the company's goal is to grow coal production from its current level of 25 to 30 million tonnes to 100 million tonnes.
Dr. B. Veera Reddy, Director (Technical), discussed the measures taken by Coal India to satisfy the nation's need for coal and the implementation of 1 BT by FY 2024–2025. He also addressed the problems with land acquisition and environmental clearance. Regarding this, a goal has been established for all coal firms. In addition to senior Ministry of Coal officials, heads of coal businesses and other officials were present.
