As SAIL stares at profit, demand for disbursement of arrear gains pace
Following the meeting of SAIL’s Board of Directors, the audited financial results for 2021-22 are likely to be declared in a couple of days.
Published: 23rd May 2022 08:21 AM | Last Updated: 23rd May 2022 08:21 AM | A+A A-
For representational purposes (File Photo | Reuters)
ROURKELA: The demand for immediate disbursement of dues of officers and workers has resurfaced amid claims of SAIL making unaudited profit of around Rs 13,500 crore including the expected record profit of nearly Rs 5,000 crore from its Rourkela Steel Plant (RSP).
Former general secretary of Steel Executives’ Federation of India (SEFI) Bimal Bisi on Saturday sent a letter to the Prime Minister’s Office with an appeal to advise SAIL to grant due wage revision arrears from January 1, 2017 to December 31, 2020 of SAIL employees for the exemplary performance.
Bisi, also the former president of RSP Executives’ Association (RSPEA), said in nine months of 2021-22, SAIL made Profit After Tax (PAT) of Rs 9,597. Its borrowing reduced to Rs 16,222 crore.
In the Quarter 4, SAIL’s profit reduced to great extent due to four-time hike in the cost of imported coal. But SAIL is likely to end up with Profit Before Tax (PBT) of Rs 13,500-Rs 14,000 crore, he claimed.
Bisi further said the PBT of RSP, Bhilai Steel Ltd, Bokaro Steel Plant and Durgapur Steel Plant is likely to be around Rs 5,000 crore, Rs 6,000, Rs 1,200 crore and Rs 700 crore respectively. In 2020-21, SAIL had ended up with PBT of around Rs 7,800 crore including RSP’s contribution of around Rs 2,500 crore.
“The best financial results of SAIL for two consecutive years despite the Covid-19 pandemic were possible due to tireless efforts, commitment and sacrifice of the workforce. SAIL’s unfortunate decision to hold back the 39-month arrears of employees defies logic,” he said adding, SAIL would require between Rs 800 and Rs 1,000 crore for clearing the arrears.
Echoing similar views, president of BMS-affiliated Rourkela Ispat Karkhana Karmachari Sangh (RIKKS) HS Bal also appealed to SAIL to immediately clear 58-month arrears on perks and 39-month arrears on minimum guaranteed benefit of workers.
Following the meeting of SAIL’s Board of Directors, the audited financial results for 2021-22 are likely to be declared in a couple of days.
