India Cements inks new wage pact with trade unions

N. Srinivasan, vice-chairman & MD, The India Cements Ltd., is seen along with representatives of trade unions after signing a new wage agreement in Chennai on January 13`, 2023. Rupa Gurunath, wholetime director and senior company officials were also present on the occasion.

India Cements Ltd. (ICL) has entered into four-year wage settlement with trade unions with effect from April 1, 2022.

The new wage agreement provides for a total increase of ₹5,000 per month for the workmen employed in all the 10 cement plants of ICL and would benefit over 500 workmen, it said in a statement.

Further, the agreement provides for revising the variable DA payable from ₹2.55 per point to ₹2.75 per point. This is expected to fetch an additional ₹5,000 per month per head at the end of the fourth year.

Apart from the agreement, the management has also announced a new Floater Mediclaim Policy to all the employees covered by the agreement for the annual insurance cover of ₹3 lakh per employee. ICL will pay the premium amount and it would entail an outgo of ₹1.65 crore per annum.

The agreement was signed on January 13th by ICL vice-chairman & MD and N. Srinivasan and the representatives of the trade unions affiliated to INTUC, LPF, CITU, MDMK and internal unions in the company’s plants, before Deputy Chief Labour Commissioners (Central) in Chennai and Hyderabad.

“For the last 30 years, I have been negotiating on behalf of the cement industry with all the central trade unions. As reaching a consensus is taking time this time, we have now entered into the 12 (3) settlement with our unions for the benefit of employees in all our plants,” Mr. Srinivasan said.

Since 1992, Mr. Srinivasan has been spearheading the negotiations with the central unions on behalf of the cement industry and concluded seven settlements till 2018.