New Delhi, Feb 21 (IANS): The Cement Manufacturers' Association (CMA) has signed with major trade unions a new wage settlement pact, which would increase the gross monthly pay of cement employees by Rs 5,000.

"The CMA and the federation of major central trade unions (INTUC, AITUC, BMS, HMS, CITU and LPF) signed a major wage settlement pact before the Chief Labour Commissioner (Central), New Delhi, on February 20, 2019," the statement said.

The move is likely to benefit around 20,000 employees in the Indian cement industry, the CMA said in a statement here on Thursday.

"It would to benefit around 20,000 cement workers by way of increase in gross pay, enhanced dearness allowance and service weightage," the statement said.

The present settlement is for four years, from April 1, 2018 to March 31, 2022, it said. Arrears for 11 months will be paid in two instalments.

The settlement also provides for service weightage benefits, enhanced DA and other benefits, the CMA said.

Twenty-one cement companies, which cover 60 per cent of the country's cement capacity, had authorised the CMA to negotiate with the trade unions.

The CMA negotiation team was headed by N. Srinivasan, Vice-Chairman and Managing Director, India Cements.

Trade unions were represented by G. Sanjeeva Reddy, President of INTUC, and Ghisulal B. Kalal, National Executive Member of the BMS, among others.

Hailing the pact, Chief Labour Commissioner (Central) Rajan Verma said, "the cement industry is an important industry for the inclusive growth of the country and there has been a change in approach with the value of industry being well appreciated on both sides."