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Home News Power Sector News PSEB in financial crisis - disallows GPF withdrawal

PSEB in financial crisis - disallows GPF withdrawal

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Punjab State Electricity Board(PSEB) is facing acute financial crunchAs an outcome of the acute financial crunch being faced by the Punjab State Electricity Board(PSEB), the board has issued a circular disallowing its employees to withdraw money from their general provident fund (GPF). The employees have planned rallies at all sub divisions in the state against this decision on November 17, 2008. Sources said that PSEB is reeling under losses worth Rs 1,600 crore and hence, they were forced to take this decision.

Swarn Singh, a trade unionleader in Ludhiana, said, “A delegation of employees today met the PSEB chairman and we have been told that if this decision was not taken they would have faced difficulties in paying the coming months’ salaries.”

“Free power sops given to the farm sector and the 200 units per month being given free to the SC and ST categories are a big reason behind this financial crunch. The pending subsidies are making board run into losses year after year,” he said.

The PSEB employees’ federation, meanwhile, said the management should do away with the free power sops or they should find out some other ways and means to bring the board into profit once again. “Using employees’ GPF for giving salaries or other works is not justified,” an employee said.

It is worth a mention here that PSEB has more than 70,000 employees on its rolls and, on an average, Rs 6-7 lakh per employee is lying with the board as GPF. Though most take it at the time of retirement, a number of employees withdraw money from this fund time to time for major needs.
 

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