Kerala is reeling under a financial crisis with seemingly no way out. The Kerala State Road Transport Corporation (KSRTC) has not paid pension to approximately 38,500 of its employees for many months now. Two of them were
But the bad news is not just limited to the KSRTC. The state’s electricity board too, has informed its personnel that a pension crisis is imminent. The chairman and the managing director of the board informed them last month that the ‘’.
In the past, the board had been paying pensions using its day to day revenues. However, this practice was prohibited by the electricity regulatory commission.
Kerala, along with West Bengal and Tripura, is among the three states which has seen communist governments. Currently, a communist regime, under Pinarayi Vijayan is in power in the state. It is thus hardly a coincidence that all three states are reeling under financial duress, or its legacy. The real cost of it however, is being paid by the thousands of employees whose pensions and wages have been held back.
The Kerala government, on its part, has denied that there is a crisis at all. The state power minister, M M Mani, has said that there is no pension problem for the electricity board. The KSRTC, on the other hand, would now get its pension dues from a consortium of cooperative banks, as per the state government. Later, the government would pay the banks from the share of KSRTC in financial aid.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.