Monday, August 8, 2022
HomeFinance7th pay commission: Big news! Employees got a gift before Diwali, announced...

7th pay commission: Big news! Employees got a gift before Diwali, announced salary revision with a bonus of Rs 28 thousand,check details

7th pay commission: The central government has given a big gift to the 7th pay commission employees of MOIL. In fact, before Diwali, these employees will be paid a bonus of Rs 28,000 along with their salary. Union Steel Minister Ramchandra Prasad Singh has announced salary revision along with a bonus of Rs 28,000 for the employees of state-owned Manganese Ore India Limited (MOIL). Ramchandra Singh made this announcement at the inauguration of the company’s second vertical shaft, Chikala Mine and various other establishments located 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 effective from 1 August 2018 to 31 July 2027 and will benefit about 5,800 employees of the company.

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.

In 1962, as a result of an agreement between the Ministry of Steel, Government of India and the CPMO, the assets of the latter were taken over by the government and MOIL was formed between the governments with 51% of the capital. It was acquired 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 from the CPMO and MOIL became a 100% Government company under administrative control.

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 work of the remaining mines is done by 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.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @
- Advertisment -

Most Popular

Recent Comments