Kochi: The Kerala State Road Transport Corporation (KSRTC) has defaulted payment of November salary to its employees as it struggles to get bank loans this time over. “Last time we had got Rs 70 crore loan from the SBT. This time we are staring at a huge financial crisis. Our efforts to arrange the required funds are yet to fructify. However, we are trying various options. We’ve not yet paid pension supposed to be disbursed on November 15 last,” a senior official said.
The salary of nearly 42,000 employees amounts to Rs 80 crore. It also has to find sources for Rs 27.5 crore towards pension payment. “We will be providing the usual contribution of another Rs 27.5 crore towards pension payment. However, the government is not considering any financial aid towards salary payment,” transport minister A.K. Saseendran said. The government had intervened last time when the corporation could not arrange funds to pay September salary by convincing SBT to extend the loan.
“This time around, the corporation banks too are not showing interest to extend loan, thanks to demonetisation effect. Our first priority is to pay salary and then pension. We’re looking other modes like leasing out property,” the official said. “The norm is to pay the month’s salary on the last working day. However, none of the employees got the salary today. Also the pension for the month is pending. We’ve taken up the issue with the transport minister,” said K.K. Diwakaran, state working president of the Left-affiliated union Kerala State Road Transport Employees’ Association.
