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Cement major India Cements Ltd on Monday said it has inked a new wage agreement with its workers unions.

The agreement was signed on Friday (January 13) by Vice-Chairman & Managing Director N. Srinivasan, and the representatives of the trade unions affiliated to the INTUC, the LPF, the CITU, the MDMK and internal unions in the company's plants, before Deputy Chief Labour Commissioner (Central), Chennai, P.Arunkumar, and Deputy Chief Labour Commissioner (Central), Hyderabad, D.Srinivasulu.

The four-year agreement, effective from April 1, 2022, provides for a total increase of Rs 5,000 per month for the workmen employed in all the 10 cement plants of the company, and will benefit over 500 workmen.

Further, the agreement provides for revising the variable DA payable from Rs 2.55 per point in CPI (1960 series) to Rs 2.75 per point. This is expected to fetch an additional Rs 5,000 per month per head at the end of the settlement period. Thus, along with Rs 5,000 wage increase, an employee stands to get nearly Rs 10,000 increase at the end of the fourth year.

Apart from the agreement, the Management has also announced a new floater mediclaim policy to all the employees covered by the agreement for the annual insurance cover of Rs 3 lakh per employee. The premium amount of about Rs 1.65 crore per year will be borne by the company.

"For the last 30 years, I have been negotiating on behalf of the cement industry with all the central trade unions. As reaching a consensus is taking time this time, we have now entered into the 12 (3) settlement with our unions for the benefit of employees in all our plants," Srinivasan said.

Since 1992, Srinivasan has been spearheading the negotiations with the central unions on behalf of the cement industry and concluded seven settlements till 2018.