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Hyderabad: RTC employees deplore denial of bonds maturity
RTC employees deplore denial of bonds maturity
The RTC employees who were given bonds in lieu of dues of wage revision have not been provided the benefit yet, owing to the poor financial condition of corporation
Hyderabad: The RTC employees who were given bonds in lieu of dues of wage revision have not been provided the benefit yet, owing to the poor financial condition of corporation.
The TSRTC management entered into wage agreement with the workers in 2015 and provided 44 per cent fitment benefit. The wage agreement was during 2013 but it was taken up only after two years. The management had promised to pay the dues in the form of bonds of five-year term, which ended in November this year. However, when the employees went to seek the money under the bond, they were shocked to learn that there was no money.
According to the union leaders in the corporation, the management issued bonds for the dues pertaining to two years. The employees were given 50 per cent of the money and remaining 50 per cent was given in the form of bonds. Each of around 49,000 employees is to get Rs 50,000 to Rs 1 lakh. These bonds matured November after five years. The leaders said that when there was a trade union system in the corporation, the union leaders used to pursue the issue with the management but this time the employees are unable to get their demands met.
Telangana Jathiya Mazdoor Union (TJMU) leader K Hanumanthu Mudiraj said that the employees are in need of money, especially after the hard times on account of lockdown. The employees were hopeful of getting the money for their marriages of their children, higher studies etc.
The government should intervene and direct the management to provide the money to the bonds issued to the workers. He also said that the management was not paying the employees' hard-earned money in Credit Cooperative Society (CCS). Almost Rs 900 crore is pending from the management, said Hanumanthu, demanding the immediate release of money.
