KSEB, unions sign pact with Govt on pension fund

Our Bureau Kochi | Updated on August 01, 2014 Published on August 01, 2014

The loss-making Kerala State Electricity Board Limited has completed the six-year-old process of turning itself into a company, with the State Government, trade unions and the KSEB management signing a tri-partite agreement. This will take care of employees’ interests. Leaders of major trade unions, such as the CPI(M)-controlled CITU and the Congress-controlled INTUC, said they signed the agreement after ensuring that employees’ interests were fully secured. The CPI-controlled AITUC, however, stayed away. The current service conditions and salary structures will be protected and recruitment handled only by the Kerala Public Service Commission.

The most important provision in the agreement, is that the government will guarantee the pension fund for employees.

The company will now be split into – power generation, transmission and distribution.

The KSEB is a perennially loss-making public sector company, making a loss of ₹ 200 crores a month.

The Controller and Auditor General’s office had pulled up the company for making a huge loss in the last financial year while purchasing power from independent power traders.

Published on August 01, 2014
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