The issue of wage revision at SAIL, pending for over 18 months, is expected to be settled this week, benefitting around 85,000 non-executives with at least 15 percent hike in basic and dearness allowances.
The differences involving the rate hike are likely to be ironed out at the proposed meeting between the management of state-owned steel maker and the National Joint Committee for Steel (NJCS), an umbrella unit of the unions at SAIL's different plants, according to a source.
Also read: SAIL incurs Rs 42,101 crore capex till July
"We have already communicated to them that are willing to go up to 15 percent. They may be consulting among themselves. I don't think they are yet to make up their minds," he said.
SAIL's manpower declined to under one lakh, as on June 30. However, its wage bill for the April-June quarter went up due to higher provisioning for wage revision and actuarial impact.
SAIL stock price
On November 27, 2015, Steel Authority of India closed at Rs 45.50, up Rs 1.35, or 3.06 percent. The 52-week high of the share was Rs 90.70 and the 52-week low was Rs 43.70.
The latest book value of the company is Rs 105.33 per share. At current value, the price-to-book value of the company was 0.43.
READ MORE ON SAIL, steel authority of india limited, meeting, wage hike, dearness allownances, national joint committee for steel
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