February 6, New Delhi. The National Mineral Development Corporation (NMDC) on Wednesday said it had reached an agreement with trade unions to revise wages and other benefits.
This is the 10th wage decision for workers, the NMDC said in a statement.
Under the agreement with the trade unions, a review of the decision on remuneration of the company's employees must occur every five years. The last time the agreement came into effect on January 1, 2012. Thus, the revision of wages was to take effect on January 1, 2017. But this did not happen.
NMDC Chairman and Managing Director Bayendra Kumar said the revision will boost employee morale, paving the way for a five-year path towards improved production, productivity and profitability for the National Mineral Development Corporation.
NMDC is the largest iron ore producer in the country, mining about thirty million tonnes of rock from three automated mines.
It also develops a variety of minerals including dolomite, copper, limestone, rock phosphate and gypsum.
