KOLKATA | Aug 21, 2017:

The Coal India is targeting to limit its financial outgo in the latest wage negotiations - National Coal Wage Agreement X - which led to inconclusive outcome at the three-day-long intense marathon meeting.

"The three day meeting ended yesterday inconclusive as Coal India sought to limit its impact," sources told PTI.

Coal India profits are under pressure due to sharp rise in expenses with wage being an important component.

Representatives of four trade unions - CITU, AITUC, BMS and HMS -- and the Coal India chairman and other board members failed to reach concensus on wage hike.

The trade unions sought minimum guaranteed benefits rise of 21 per cent along with seven per cent pension contributions and one per cent of post retirement medical benefit.

But the management restricted themselves to about 15 per cent hike in minimum guaranteed benefits.

(Source: http://economictimes.indiatimes.com/)