Steel union signs pension pact with RINL

Visakhapatnam: The Steel Employees Union (affiliated to the Centre of Indian Trade Unions) entered into an agreement with the Rashtriya Ispat Nigam Limited on May 11, for the implementation of the pension scheme for the first time in Visakhapatnam Steel Plant, said state president of CITU, Ch Narsinga Rao.
Speaking to the media in Visakhapatnam recently, Narasinga Rao said that the agreement was made possible by the unrelenting fight of the workers, through agitations and a 24-hour strike by employees on May 6.
“As part of the agreement, the management of Visakhapatnam Steel Plant will pay 6% of the basic income of the employees from 2012 towards the pension scheme. It is estimated that about Rs 600 crore will be deposited by the management for pension in the pension scheme for all employees,” said Narasinga Rao.