The Coal Mines Officers' Association of India had served a strike notice for three days from March 13 for their demands, including performance-related pay and a new pension scheme, among others, state-owned CIL said in a filing to the BSE.
Coal India , which is already struggling to meet its targets, is likely to see further setback on account of a 3-day strike by company executives.
The Coal Mines Officers' Association of India had served a strike notice for three days from March 13 for their demands, including performance-related pay and a new pension scheme, among others, state-owned CIL said in a filing to the BSE.
The officers want finalisation and payment of performance-related pay pending since 2007, immediate refund of recovered performance-linked pay advance from retired executives, immediate implementation of a new pension scheme and removal of pay anomalies of different grades in general and junior grades in particular, among others, it added.
The proposed strike may affect production and dispatches by about 4 million tonnes of coal. The mining company is expected to fall short of its target of 482 million tonnes for 2013-14 by more than 17 million tonnes.
Speaking to CNBC-TV18's Nigel Dsouza, VP Singh of Coal Mines Officers' Association of India said only one part of the salary promised has been paid, while the remaining parts are still pending with the government and CIL management. Singh said the total pending amount comes to around Rs 200 crore per annum. "They (CIL management) have not regularized the dates, so the people retiring in between are compelled to refund from their terminal benefit. It is very painful," he said.
(Watch video for complete interview)
Coal India stock price
On February 24, 2014, Coal India closed at Rs 252.05, up Rs 0.85, or 0.34 percent. The 52-week high of the share was Rs 334.00 and the 52-week low was Rs 238.35.
The company's trailing 12-month (TTM) EPS was at Rs 26.41 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 9.54. The latest book value of the company is Rs 32.48 per share. At current value, the price-to-book value of the company is 7.76.
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