As financial struggles continue for the Travancore Cements Limited (TCL) – the oldest Public Sector Unit in Kottayam, it has been four months since its employees have received their monthly salaries.
Taking a serious note of the company’s status, Kottayam MLA Thiruvanchoor Radhakrishnan on Tuesday moved a motion in the Assembly calling attention to the plight of the company employees as well as those retired from service.
“The liability of the company till March 2023 is around ₹156.56 crore. The condition of the employees at TCL is so pathetic that even the statutory rights are denied while it has also defaulted on the payment of retirement benefits. The company appears to be not releasing the Provident Fund despite the payment of workers’ share,” Mr. Radhakrishnan said.
Responding to the notice, Industries Minister P. Rajeeve said the State government had sanctioned ₹41.18 crore as financial assistance to the TCL since 2016. To overcome the crisis, the government has now permitted the company to sell off its 2.79 acres of land at Vazhakkala and 2.026 acres of land in Chembu villages as well as clear the debts and dues.
An earlier plan to sell off the property at Vazhakkala to the Kerala Industrial Infrastructure Development Corporation for ₹25 crore did not materialise after the agency backed out from the sale. By the time, however, the TCL had already used up the fund of ₹5 crore received as advance from KINFRA for clearing a part of its dues.
“The statutory rights of the employees are not being denied deliberately. The company will be able to overcome the crisis by utilising the money to be received from the sale of these properties,” said the minister.
Earlier on Monday, the CPI-affiliated AITUC union distributed essentials to the company employees who have not received salary for four months. In a statement, the union also informed that the salary structure of the TCL employees have not been revised for the past 12 years.
