Retired TSRTC staff seek CCS savings balm

Hyderabad: Nearly 15,000 retired employees of the Telangana State Road Transport Corporation (TSRTC) are waiting to get their savings which they deposited in the Credit Cooperative Society (CCS). Those in service used to get loans from the CCS but that has also been stopped from January 2020.

This is what the TSRTC union leaders are complaining. They allege that the corporation had utilised the money deducted from the salaries of the employees for other purposes.

The RTC employees contribute about 6 per cent of their basic salary in CCS. There are about 48,000 members in CCS.

The CCS was set up in 1952. According to Union leaders, the amount deposited by retired employees was around Rs 1,100 crore and another Rs 350 crore was under fixed deposits. The employees prefer to take loans from the CCS as the interest rates are much less than bank interests and in case of death of the member, the loan amount gets waived off.

Union leaders said the management provides Rs 4.5 crore as interest every month but for the last two to three months the management, it is said, had not deposited the interest money. Many employees have died during the last couple of months and it is said that most of their families did not get the money.