Good news for steel PSU employees
The ministry of steel on Tuesday said it has agreed to a proposal to introduce a pension scheme for employees of all steel public sector undertakings - union members as well as officers, which would benefit over 94,000 serving and 56,000 retired employees. Retrospectively effective from January 2007 for executives and January 2012 for non-executives, it would impact employees of companies like maharatna PSU Steel Authority of India Ltd, Rashtriya Ispat Nigam Ltd, MSTC, Ferro Scrap Nigam Ltd (FSNL), Metallurgical and Engineering Consultants Ltd (MECON) and Kudremukh Iron Ore Company Ltd (KIOCL). Two other PSUs under the ministry, India's largest iron ore miner National Mineral Development Corporation and Manganese Ore India Ltd have already introduced the pension scheme to its employees as per the Second Pay Revision Committee recommendations. "This was a long-standing demand from the employees of these PSUs," said steel minister Chaudhary Birender Singh. "It will put an additional financial burden of Rs. 45 crore per month (Rs 540 crore per annum). But it will be subject to factors like affordability, capacity to pay and sustainability of the CPSEs. There will be no government budgetary support to operate these schemes."
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