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No cash for Vizag steel plant employees
Rashtriya Ispat Nigam Limited (RINL), the corporate entity of the Visakhapatnam Steel Plant and the biggest employer in the State, for the first time failed to pay wages in cash.
Visakhapatnam: Rashtriya Ispat Nigam Limited (RINL), the corporate entity of the Visakhapatnam Steel Plant and the biggest employer in the State, for the first time failed to pay wages in cash.
Salary for 30,000 employees, officials and contract employees were deposited in the salary accounts of the individuals but less than 30 per cent could draw the money, according to the trade union leaders who have been closely watching the cash crunch in the company ever since the government announced scrapping of bigger notes.
Highlights:
- Though salary has been credited into bank accounts, only 30% employees able to draw money due to cash crunch in banks
- With average salary being Rs 50,000 employees mainly use debit and credit cards, keep little cash with them
- The offer by the company to disburse Rs 10,000 cash as advance from January salary remains on paper
“An amount of Rs 12.5 crore was needed to pay Rs 10,000 each to the employees but the banks gave up stating they were not in a position to pay all of them,’’ said CITU leader and an employee of Steel Plant, Ayodhyaram.
The plant has 18,500 regular employees and the remaining are contract workers. All the employees had their salaries credited in their accounts on November 30 itself. The steel city has seven banks with SBI being the main one.
An officer from the general administration said the banks cannot give money to all the employees at a time. The disbursement began on Thursday and will continue for the entire week. “The employees are not disturbed with the current situation as most of them use credit or debit cards,’’ the official said.
In addition to the salaries, the RINL management offered Rs 10,000 to each of the employees which was to be deducted from the January salary. The offer was made on the directions of the Ministry of Finance.
The company wanted to give this amount in cash but since November 28 the promise remained on the paper. According to the latest reports, the management announced that the money would be disbursed on Friday.
“The average salary of employees is Rs 50,000 after all deductions. Most of them will go for online purchases from departmental stores keeping little cash for essential use,’’ Ayodhyaram said.
