A meeting between SAIL management and workers' representatives to discuss issues related wage revision for non-executives ended inconclusive on Saturday.
The meet that lasted nearly five hours failed to arrive at a decision, dashing hopes of 85,000 employees for an early resolution on revision of in basic pay and DA. Earlier, the workers' union had softened their stand on a 21.6 per cent hike against management's proposal of 15 per cent raise, a source present at the meeting told PTI.
Members of the National Joint Committee for Steel (NJCS), the umbrella unit of unions at SAIL's different plants, sought time to deliberate on the management's constraint for a bigger hike with other Union members and workers, he said. The future date of the sitting was yet to be decided.
Decision on wage revision for SAIL employees remain inconclusive
The meeting was called to resolve differences on quantum of hike and finding the way for an amicable settlement of the issue. SAIL hikes salary of non-executives every five years. While NJCS was demanding a 21.6 per cent hike, the same as the last rise in 2007, SAIL management was not willing to offer more than 15 per cent given the current subdued steel market scenario across the world. SAIL has now a little less than one lakh manpower that includes aorund 85,000 non-executives.
However, its wage bill for the April-June quarter went up due to higher provisioning for wage revision and actuarial impact. The company had reported 35.25 per cent dip in standalone net profit to Rs 450.91 crore during the first quarter of the current fiscal due to increased costs.