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Eastern Coalfields Limited (ECL) CMD Satish Jha along with Functional Directors of ECL interacted with media personnel at ECL HQ and proudly announced a progressive new policy aimed at reforming its land acquisition compensation framework.
Under this initiative, an option for one-time lump sum monetary compensation or modified annuity scheme (on a pro-rata basis) will be offered to landowners in lieu of the traditional employment-based compensation model.
This policy marks a significant shift from the longstanding practice of offering employment to land losers in the company and is expected to benefit marginal landowners, who often face challenges to qualify for being eligible for employment on account of his/ her land holding size, etc. The lump sum payment will ensure immediate financial security, equitable benefit distribution and greater flexibility for landowners.
More importantly, the new framework is designed with a forward-looking vision. It aims to empower the educated youth from project-affected families by providing them with the capital in hand and the opportunity to pursue entrepreneurship, self-employment, or higher education, rather than being absorbed into lower-level company roles.
Also, Small-time traders, instead of having a binding in the form of a job at ECL, can use the financial gain to upgrade their current business. Further, those land owners who already have a source of income, like a job or business, can opt for the annuity scheme, which will open a second monthly source of income for them.
This initiative reflects our continuous commitment to the inclusive and sustainable development of the Project Affected Families. It gives rightful recognition to the changing aspirations of today’s youth and the economic realities for the landowners. We believe this approach will not only ensure payment of fair compensation but also foster local economic development and innovation in various domains.
The policy will be implemented, accompanied by financial counselling, skill development support and awareness drives in project areas to help beneficiaries make informed decisions about utilizing the compensation effectively.
Eastern Coalfields Limited remains committed to responsible mining, inclusive growth and to be a partner in progress for the socio-economic development within the regions it operates in.
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