KSRTC Pension payment finds hurdles

Published on: 27 Feb, 2013
Published under: Kerala Business News, Kerala Travel News, Thiruvananthapuram District News

27 Feb 2013

Severe cash crunch and inability to mobilise Rs.35 crore despite financial assistance from the government are delaying disbursal of pension to the 37,000 retired employees of the Kerala State Road Transport Corporation (KSRTC).

Last month, the pension was paid after a delay of 27 days. The corporation utilised the Rs.20 crore that was allowed to be taken from the pension fund by the High Court and the Rs.10 crore that was already with the KSRTC to disburse the pension.

The KSRTC has, so far, taken Rs.1,200 crore in loans to pay the pension. The corporation cannot borrow any more from the Kerala Transport Development Finance Corporation Ltd. (KTDFC) from which it has borrowed Rs.1,580 crore. The KSRTC is paying Rs.30 crore every month to the KTDFC for the loan it has taken.While the monthly expense of the KSRTC has mounted to Rs.230, the income is only Rs.140 crore as the daily collection hovers around Rs.4.3 crore.

Source– http://www.thehindu.com/news/national/kerala/funds-crunch-in-ksrtc-affects-payment-of-pension/article4456634.ece

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