New company SWIFT to run premium services

Thiruvananthapuram, Oct 26: Chief Minister, Shri Pinarayi Vijayan today announced a new financial assistance package for the debt-ridden Kerala State Road Transport Corporation (KSRTC).Briefing the media, the Chief Minister said, “The condition of KSRTC post the outbreak of the Covid pandemic is precarious. The government is once again preparing a new package for the revival of KSRTC. During the last two years, KSRTC was given Rs.1,000 crores every year.

The financial assistance provided by the government in the current year will be more than Rs. 2,000 crores. So far, this Government has provided a total of Rs. 4,160 crores to KSRTC as against the Rs. 1,220 crores during the five years of the previous UDF government. Yet there has been criticism from many quarters of the government’s negligence. The Kerala Government will protect the public sector and expand it. KSRTC will be revived and as part of the new package, some of the long-standing needs of the workers will be addressed.”An amount of Rs 255 crores will be released on an emergency basis to settle the salary recovery arrears and medical reimbursement of the employees of KSRTC, pending since 2016.

As an interim relief for pay revision pending since 2012, an amount of Rs 1,500 per month will be paid to all permanent employees. Negotiations for salary revision will begin as part of the package. Empanelled employees will not be laid off, instead, they will be employed by a new subsidiary company of KSRTC, SWIFT which would run the premium services.The interest of Rs. 961 crores to be paid by KSRTC to the Government will be written off.

The loan of Rs 3,194 crores will be converted into shares. The government will take the initiative of negotiating with the Bank consortium for a new loan package.The CM also said that the new package will be discussed in detail with the trade unions and will be finalized as soon as possible in consultation with the management in an effort to protect KSRTC.