KSRTC: Scheme to provide benefits in two years

KOCHI: KSRTC has submitted the Pensionary Benefits Scheme to the High Court to pay the pension benefits to the employees in two years based on seniority and emergency situation.

The scheme to provide pension benefits to 45 employees per month, including 38 employees based on seniority and seven employees on account of emergency, was submitted in court. The scheme was submitted as per the directions of the High Court on the petitions filed by the KSRTC seeking a review of the single bench's judgment that the benefits to be paid to the retired KSRTC employees should be paid within four months. Justice Devan Ramachandran adjourned the petitions to January 31. Earlier, KSRTC had informed the court that it will provide benefits to retired employees in three years. However, the court did not allow this.

Pensionary Benefits Scheme
KSRTC requires Rs 83.10 crore to pay the retirement benefits till 30th November 2022. KSRTC cannot pay such a huge amount without the financial assistance of the government. Apart from the expenditure on spare parts, fuel etc., Rs 3.64 crore per month is spent on providing pension benefits. Dues will be settled on the basis of seniority. More services are being operated to generate additional income.

The pension benefits can be paid in one year if the KSRTC receives government assistance of Rs 3.64 crore per month. KSRTC also stated that 128 employees are retiring from service next April and 520 employees in May.