- Reuters•last month
Moves to abruptly unwind boom-time wage hikes in Australia by cancelling agreements and threatening workers with minimum industry pay are unfair, according to the head of a parliamentary committee examining the issue, and could prompt changes to the law. Several companies operating in Australia including Indian conglomerate and coal mine owner Lanco Infratech, energy retailer AGL, commodity freight operator Aurizon and Exxon Mobil subsidiary Esso have all terminated, or are in the process of terminating, long-standing agreements when they expire. The pay negotiation tactic has gained momentum with Murdoch University, in Western Australia, last month applying to the country's industrial relations tribunal to terminate a pay agreement.
- Reuters•3 months ago
SYDNEY/PERTH, Nov 23 (Reuters) - Coal prices may be recovering, but there are no celebrations in the mining town of Collie, Western Australia, where workers are fighting Indian conglomerate Lanco Infratech over plans to slash their wages almost in half. The move to cut pay at Lanco's Griffin Coal mine comes five years after the peak of a commodity price boom that saw miners, truck drivers and even cleaners earning six-figure incomes in Australia's remote outback mines and offshore oil and gas fields.
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LITL.NS : Summary for LANCO INFRATECH INR1 - Yahoo Finance
Lanco Infratech Limited (LITL.NS)
NSE - NSE Delayed Price. Currency in INR
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|Day's Range||3.80 - 3.95|
|52 Week Range||3.25 - 5.65|
|PE Ratio (TTM)||-0.64|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|