IFFCO has proved once again that it is a cooperative with a difference by revising wage of its employees keeping PSUs’ benchmark in sight. It has given 5500 employees and officers a hike of a whopping 20 per cent, which in practical terms means almost the double of their compensation.
Going gaga over the revision, Jitendra Tiwary, President of Officers’ Union said ”“all credit goes to our MD Dr U S Awasthi who values workforce and get them their due both in terms of money and respect. And the nitty-gritty of working out this revision and taking it to its logical conclusion goes to our HR Head R P Singh,” Tiwary added.
The IFFCO management and unions-of both officers’ and workmen signed an agreement recently wherein not only the quantum of wage-revision but also the time period of 10 years was finalized.
Reacting to the development Union leaders Jitendra Tiwary said “The new year comes with a new pay scale. A new celebration erupted in IFFCO with this announcement. This is the 4th pay revision under Dr Awasthi in the last 25 years. And in all these years there has been no dispute between management and unions & associations of IFFCO. Long live IFFCO and long live Dr Awasthi.”
The new wage would be effective from January 1, 2017 thereby bringing with it some arrears. It bears recall that except for some navratan PSUs such as GAIL, Oil India, NTPC and some others, none implemented the latest benchmark of wage revision as done by IFFCO.
Talking to Indian Cooperative the architect of wage-revision, R P Singh said” We have given the maximum wage that was possible under the law.” Explaining further Singh said companies which have earned profit for three consecutive years can revise wage and can give up to 20 percent of their average profits towards wage-hike.”
“In a way, we are ahead of Navratan PSUs as in just one go we have covered everybody-from officers to workers while in navaratan companies workers are still struggling at the negotiating tables while top officers have already got them”, Singh underlined.
Explaining in detail the new salary structure, Union President Jitendra Tiwary said ”If your salary is Rs 10 thousand basic then add 119% DA into it; it becomes Rs 21,000 and then add a hike of 15%; also add perks worth 35% to it. The net salary is almost double. It’s a bonanza for us”, he was emphatic.
R P Singh, however, sounded more pragmatic and said wage revision will cause IFFCO to incur an additional financial burden of Rs 200 crore per annum. He also said the top PSUs are the benchmark for us.
Explaining the process in some detail IFFCO MD posted a photograph along with his comment “#IFFCO always give priority to its pillars of solidarity consisting of #farmers, #cooperatives & it’s #employees. #IFFCO management & its recognised Unions & Associations reached an understanding to revise pay scales & allowances for it’s employees for 10 years from 1st Jan17.”