The government-run Coal India has set aside Rs 8,152.75 crore from its profit in the financial year 2022-23 to meet the expense of higher salary payments to its employees, which is due for revision from July 1, 2021.
The major part of this provision was made during the fourth quarter of the financial year ended March 2023. For the January-March 2023 quarter, the company’s provisioning for higher wage payments rose to Rs 5,870.16 crore, over 12-times surge from Rs 475.28 crore made in the corresponding period of the previous year.
Salaries of non-executive employees of Coal India are due for revision from July 1, 2021.
