SAIL to gift 1,040 kg of Gold Coins to employees

January 27, 2009

Commodity Online
NEW DELHI: You heard people are losing jobs in the time of recession and lakhs of employees will be getting pink slips in India during the coming months.

But, imagine employees getting gold coins at a time when lakhs of people will be receiving their sacking orders. Yes, that is what is happening in India’s PSUs. In a recent development, Steel Authority of India Ltd (SAIL) has decided to give gold coins to its employees as part of its golden jubilee celebrations.

Sail will gift its employees over a thousand kg of gold coins worth about Rs 145 crore. The company is celebrating its 50th anniversary on February 3. It has ordered around 1,040 kg of gold coins to be distributed among its 1,30,000- strong workforce.

This is part of the company’s efforts to reward its workforce on this important occasion.

Weighing eight gms, each of the gold coins would cost about Rs 11,000. The country’s largest steel producer SAIL is understood to be channelising the order for coins through SBI.

SAIL is passing through tough times now due to waning demand and prices, but had a magical run till September last year.

In the second quarter ended September 30, 2008, SAIL registered an 18.19 per cent jump in its net profit to Rs 2,009.60 crore. The company had a net profit of Rs 1,700.24 crore in the September quarter of FY'08.

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