15 Sep :The Security Printing and Minting Corporation of India Limited was incorporated on 13.01.2006 to take over the management of four India Government Mints, two Bank Note Presses, two Security Printing Presses and one Security Paper Mill. The employees of these nine units were placed at the disposal of the Corporation on deemed deputation basis for a period of two years initially with effect from 10th February, 2006.
The period was later extended by one more year till 9th February, 2009 pending finalisation of terms and conditions of service under the Corporation and a Memorandum of Settlement before the employees can be formally absorbed m the Corporation. The deliberations between the Government, the Management of the Corporation and the employees’ representatives were initiated in March, 2006 to sort out the issues before the matter can be amicably settled for successful conciliation before the Chief Labour Commission (Central).
After about two-and-a-half years of deliberations in several rounds, the Memorandum of Settlement laying down the framework for conditions of service under the Corporation has been signed today by representatives of all the three parties, i.e., the Government, the Corporation and the employees in the presence of the Chief Labour Commissioner. The employees will be given time up to 31st October, 2008 to exercise option for absorption in the Corporation for remaining with the Government for redeployment elsewhere. The absorption will take effect on 1st of November, 2008.