No more instalments; salary to be paid in single payment in KSRTC; attempt to implement before Onam

THIRUVANANTHAPURAM: The management's attempt to pay monthly salaries to KSRTC employees in single payment is nearing success. The management hopes that it will be possible before Onam. Since 400 crores out of the 3200 crores loan taken from the bank consortium has been repaid, it is expected to get new loans.

The salary is currently paid in two instalments using 50 crores provided by the government and the amount from the income. 72 crore per month is required. The finance department has informed that the government's financial assistance cannot be continued for long. Salary distribution is being done with the help of the government since covid crisis.

KSRTC did not have the management to prepare a proper audit report. Preparation of audit report started during Biju Prabhakar's tenure as MD. Auditing has been speeded up under the leadership of the current MD, Pramoj Shankar. More loans will be available from banks only if accurate financial statistics are provided. 650 crore debt owed by KTDFC was cleared in May with the help of the government, which came as a big relief.

Mission will be successful if banks help

Method 1

The management is negotiating with the banks for the money for the salary. If the negotiations are successful, salaries can be paid without government assistance

Method 2

Disbursement of salary with the help of Kerala Bank. As soon as the government money is available, the income will be added to it and the bank will be repaid in the respective month. This is how pension distribution is being done

Monthly income and expenses

(Average amount in crores for FY 2023-24)

Operating Income................... 196.08

Non-ticket income....................27.89

Total Income............................ 223.97

Expenditure................................315.25

Difference....................................91.28

Financial assistance provided by Govt.......5,747 crores

"Negotiations are progressing well. Good results can be expected"

-Pramoj Shankar,

CMD, KSRTC