CM Announces Diwali Bonus For Singareni Employees

Chief Minister Revanth Reddy today urged the Union government to compensate Telangana for the revenue loss of Rs 7,000 crore to be caused by the new GST rate rationalisation.

Announcing the profit-sharing bonus for Singareni Collieries Company Limited (SCCL) employees at the Secretariat, the Chief Minister said that the GST rate rationalisation would have an adverse impact on the State's revenues.

"The Centre should come to the rescue of States that are bearing the brunt of the new GST structure. We are demanding that the Centre address Telangana's concerns over the revenue loss following the introduction of the GST rate rationalisation," Reddy said.

He also announced that the State government would give a "Diwali bonus" to the Singareni employees, and continue to pursue the Union government on the issue of increasing private participation in the Singareni company.

He said that the private partnership posed a serious threat to the existence of the prestigious collieries, and that the SCCL workers had requested the resumption of coal mines that were awarded to private agencies.

"The Telangana government is committed to the welfare of Singareni employees, and will promote the company as a profit-making enterprise in the future. The government recognises the services of the workers who played a significant role in the achievement of statehood for Telangana," he said.

Of the total income of Rs 6,394 crore, the Chief Minister said Rs 4,034 crore would be utilised for investments. A bonus of Rs 819 crore - 34% of the profits - had been given to Singareni employees this year, and the bonus for contract employees had also been increased to Rs 5,500 from Rs 5,000, he added.

Reddy said that the government would develop Singareni as a competitive company on par with leading corporations.

He praised Singareni workers for their hard work in earning higher profits each year and said the government would continue to share profits with the workers annually.