India. Penniless KSRTC fails to pay salary, pension
The Kerala State Road Transport Corporation (KSRTC) is running from pillar to post to mobilise Rs. 300 crore needed to pay this month’s salary and wages of employees and empanelled staff and three-and-a-half months’ pension arrears to retirees.
With the government not coming forward to bail out the ailing corporation with a further loan to pay the salary and pension, the management of the transport utility is groping in the dark to mobilise funds. Though the KSRTC approached the Kerala Transport Development Finance Corporation (KTDFC) for a Rs. 30-crore loan, the Finance Department had given instructions against sanctioning the loan.
This is the second successive time this year that the KSRTC had not been able to pay the salary and wages normally paid on the last working day of the month. The retirees are agitated and perplexed on how to move forward as the corporation has not been able to disburse this month’s pension, paid on the first working day of the month.
The transport utility needs Rs. 220 crore for giving the pension arrears (Rs. 60 crore monthly) of three-and-a-half months to 36,000 retirees and Rs. 80 crore for the salary of the 38,000 employees and the 4,000 empanelled staff.
See full contente here: The Hindu
