7th Pay Commission latest news: In a release, the salary revision has been done for 10 years. It will be in effect from August 1, 2018 to July 31, 2027 and will benefit about 5,800 employees of the company.
7th Pay Commission latest updates: Union Steel Minister Ramchandra Prasad Singh on Sunday announced salary revision along with a bonus of Rs 28,000 for the employees of government-owned Manganese Ore India Limited (MOIL). Singh made this announcement in his address at the inauguration of the company’s second vertical shaft, Chikala Mine and various other establishments based in Nagpur, Maharashtra.
He announced a production linked bonus of Rs 28,000 for all employees of the company, which will be paid before this Diwali. The company said in a release that the salary revision has been done for 10 years. It will be in effect from August 1, 2018 to July 31, 2027 and will benefit about 5,800 employees of the company.
MOIL or MOIL is a Schedule “A” Miniratna Category-I company. It was originally incorporated in the year 1962 as Manganese Ore (India) Limited. Then the name of the company was changed from Manganese Ore (India) Limited to MOIL Limited during the 2010-11 financial year. MOIL was originally established as Central Prospecting Syndicate in the year 1896, which was later renamed as Central Province Manganese Ore Company Limited (CPMO). It was a British company and incorporated in the UK.
As a result of an agreement between the Government of India and the CPMO in 1962, the assets of the latter were taken over by the Government and MOIL was formed with 51% of the capital between the Governments. This was in 1977 by the Government of India and the Governments of Maharashtra and Madhya Pradesh and the remaining 49% by the CPMO, the remaining 49% shareholding was acquired from the CPMO and MOIL became a 100% Government company under the administrative control of the Ministry of Steel.
Presently MOIL operates 11 mines. Seven are located in Nagpur and Bhandara districts of Maharashtra and four in Balaghat district of Madhya Pradesh. All these mines are about a century old. Except four, the rest of the mines are worked through underground method. Balaghat mine is the biggest mine of the company.
This ore in the form of manganese oxide is used as a micronutrient for animal feed and fertilizers. MOIL meets about 50% of the total requirement of Dioxide Ore in India. At present, the annual production is around 1.1 million tonnes which is expected to increase in the coming years.
