New Delhi, Jun 20 (UNI) Union Shipping, Road Transport and Highways Minister T R Baalu has approved the merger of Dearness Allowance (D A) equivalent to 50 per cent of the basic pay in the pay scale of 1997 level with effect from January 1, 2007 for the 1,015 shore employees of the Shipping Corporation of India (SCI).
The goodwill gesture, which is expected to substantially benefit the employees, will have an estimated financial implication of Rs 320 lakh (approximately) by way of arrears (excluding the pay out due to PRI) for January 1, 2007 to March 31, 2008. During 2008-09, it is estimated at Rs 500 lakh at the current rate of D A.
SCI, one of the undertakings under the administrative control of the Shipping Ministry, is an ISO 9001 certified mini-ratna profit making company.
It is the largest shipping company in India and has a share of about 33 per cent of the total Indian tonnage, owning a fleet of 79 vessels.
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