Raipur: Ahead of Navratri and Diwali, employees of major public and private sector steel, power and coal units in Chhattisgarh are set to receive bonus, ex-gratia and Performance Linked Reward (PLR) payments. About 2.70 lakh employees are expected to benefit, and markets are hoping for a rise in festive-season business.
The amounts will be transferred this week to the accounts of officers and employees of Bhilai Steel Plant (BSP), South Eastern Coalfields Limited (SECL) and other coal companies, Jindal, Adani Power and various steel and power plants.
Traders in the main markets of Bhilai-Durg, Korba and Raigarh-Bilaspur are hoping for investment and business worth more than Rs 1,000 crore as a result.
About 10,000 regular BSP employees and employees of the Nandini and Rajhara mines will receive ex-gratia this week, amounting to around Rs 32 crore. BSP's 27,000 contract workers will get an average of Rs 10,000 each, totalling Rs 27 crore.
More than 50,000 workers in the industrial areas of Bhilai-Durg will get a bonus of Rs 10,000 to Rs 15,000 each, adding another Rs 50 crore to the market. Together with the bonus paid to employees of the railways and other government establishments, business in the Durg-Bhilai division alone could cross Rs 300 crore.
Coal company workers to get PLR of Rs 1,10,250
Management and unions have agreed on the bonus for 1.93 lakh coal workers employed in SECL mines in Chhattisgarh and Madhya Pradesh. SECL is a Coal India group company. Each employee will get a PLR of Rs 1,10,250 this time, which is Rs 7,250 more than last year.
The amount will be transferred to their accounts on Panchami (15 October). It is expected to boost purchases in the coal belts of Korba, Bilaspur and Raigarh.
Private steel and power firms also paying
Private sector companies in the Raigarh, Raipur and Bilaspur belt, including Jindal Steel and Power, Adani Power and BALCO, are also distributing Diwali bonus to their employees and workers. Various induction furnaces and rolling mills are doing the same.
Jewellery, automobile and other markets prepare
The jewellery, electronics, mobile, automobile (cars, two-wheelers and e-vehicles), textile and real estate sectors are expected to benefit directly. Anticipating a rush of customers, traders have already stocked new models, premium jewellery and electronic items. Shopkeepers say the bonus goes straight into the hands of the middle class, which forms the biggest base of festive-season buying.
Investment also expected, not just shopping
According to financial experts, the middle class will put 30 to 40 per cent of the bonus into long-term investments such as fixed deposits, mutual funds (SIPs), gold bonds and token money for real estate. A large section also plans to use the lump sum to prepay home, vehicle or personal loans and reduce its interest burden. Banks and financial institutions have also prepared special festive deposit and loan offers.
Traders' bodies expect 22 per cent growth
Business worth more than Rs 3,000 crore is expected in the state from Navratri to Chhath Puja. According to the Chhattisgarh Chamber of Commerce and the Confederation of All India Traders (CAIT), 22 per cent growth is possible in every sector.