Hindustan Steel Workers' Union

Durgapur Steel Plant (S.A.I.L.)
Regn. No.: 4692 of 1959, Affiliation No.: 2541 of 1960 (INTUC)

News

Pension Sub-Committee & NJCS Core-Committee Meeting Cancelled

Posted on August 4, 2013 at 12:05 PM

Pension sub-committee and NJCS core-committee meeting scheduled on 5th and 6th August 2013 have been cancelled due to unaviodable circumstances.

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2 Comments

Reply Rajinder Srivastava
2:42 AM on August 9, 2013 
http://www.moneycontrol.com/news/business/sail-made-rs-320-cr-irr
egular-payment-to-employees-cag_932642.html?utm_source=IW_DATA_st
ockpage

SAIL made Rs 320 cr irregular payment to employees: CAG
The Comptroller and Auditor General has hauled up state-owned steelmaker SAIL for not adhering to guidelines on performance-related payment to its employees, which resulted in Rs 319.61 crore irregular outgo from 2007-08 to 2010-11.

Also read: JSW Steel's crude steel production rises 47% in July

In a report tabled in Parliament today, CAG said SAIL introduced performance related pay (PRP) scheme for its executives, following the guidelines issued by the Department of Public Enterprises (DPE).

It also constituted a remuneration committee headed by an Independent Director to decide the PRP and policy for its distribution within the prescribed limit.

The DPE guidelines required that the company should have robust and transparent performance management system and it should adopt a "Bell Curve Approach" in grading executives. This meant that not more than 10-15 percent were to be graded as outstanding/excellent, and 10 percent of them should have been graded as below par. No PRP was to be paid to those achieving below par rating.

"The company, however, did not adopt "Bell Curve Approach" in grading and paid PRP to all its executives in violation of the DPE guidelines, resulting in avoidable payment of Rs 87.45 crore for the years 2007-08 to 2010-11," CAG said, noting that no PRP was paid for 2011-12.

The top auditor also rejected SAIL management's contention that grading the performance of 10 percent of its executives as "below par" should not be insisted for a "Maharatna company like SAIL and actual distribution of performance grading was almost Bell Curve shaped".

It also said that PRP formula adopted by SAIL's Remuneration Committee exceeded the DPE prescribed limit, which was "irregular". As a result, "an excess payment of PRP was made to the company's executives from 2007-08 onwards totalling Rs 232.16 crore up to the financial year 2010-11".

CAG also noted that DPE, in its reply, said powers delegated to Maharatna CPSEs do not cover the matters relating to pay/PRP. It further said that Ministry of Steel also agreed that SAIL should have adopted Bell Curve Approach and PRP formula adopted by company's Remuneration Committee exceeded DPE prescribed limit, which was irregular.

"Thus, SAIL management did not adhere to the DPE guidelines applicable to it with respect to payment of PRP and made an irregular payment amounting to Rs 319.61 crore for the years 2007-08 to 2010-11," it said.

Citing another case of violation by SAIL, the CAG said it undervalued the monetised value of recurring expenditure on infrastructural facilities attributable to company executives. This resulted in excess payment of perks and allowances of Rs 98.61 crore between 2009-10 and 2011-2012.
Reply VINOD KUMAR NONHARE
2:07 AM on August 9, 2013 
01-01-2012 TO TILL DATE LOSE WAGES HOW ARE UNINE / MANAGMANT . LAT KARNA SE KARMCHARIYO KA KAY DOS,JO BHI DANA HAY USE DA DANA CHAIYA OUR APNA MITENG KARTE RAHE