Pension Freeze in Thiruvananthapuram: 42,000 Retired KSRTC Employees Suffer for 3 Months

2024-02-09 15:10:00

Thiruvananthapuram: KSRTC has made 42,000 retired employees miserable. The pension freeze has entered the third month. There are many people who are without food and medicine. The pensioners’ organizations have complained that the government is neglecting the payment of pension without interruption despite multiple court rulings. The pension for the months of November, January and February is arrears. 230 crore is required for pension distribution.

The reason for the current situation is the interest dispute with the Cooperative Department, which was disbursing pension as a loan. In such cases the amount for pension is directly sanctioned from the financial assistance to KSRTC. There is a slight hope that the process to pay at least one month’s pension has been started. But the ex-employees fear that the pension disbursement may not take place immediately without disruption as the interest dispute with the cooperative department cannot be resolved.

Since KSRTC does not have the financial position to distribute pension, since 2018, pension is being paid by borrowing from cooperative banks. The government will repay this amount from the financial assistance to KSRTC. This led to the dispute when the cooperative department demanded to raise the interest rate for disbursing pension as a loan. On December 15, the interest rate was fixed at 8.8 percent. Kerala Bank was appointed to form a consortium and raise funds. By then, the interest rates in cooperative banks were revised.

Co-operative banks accept deposits at nine per cent. The current position of the Cooperative Department is to demand ten percent interest. Rs 300 crore including interest has to be paid to the Primary Co-operative Banks out of the earlier pension disbursements. Due to this delay, primary co-operative banks are reluctant to join the pension consortium.

Content Highlights: ksrtc, pension arrears, three months

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