HYDERABAD: The Telangana State Power Employees JAC has expressed displeasure over the delayed payment of salaries which is resulting in their low CIBIL scores.
In a letter submitted to the CMD of the Transmission Corporation of Telangana (TSTRANSCO) & Telangana State Power Generation Corporation (TSGENCO), Telangana State Power Employees Joint Action Committee (TSPEJAC) Chairman G Sai Babu and Convenor P Rathnakar Rao said that the payment of salaries to the employees is being delayed inordinately every month for more than a year. It is causing untold hardship and affecting the CIBIL scores of individuals, the letter said.
Most of the employees have taken loans for buying homes, vehicles, education of their children and personal purposes and the EMIs are being debited from their salary accounts through ECS every month on stipulated dates (between 1st and 10th).
The salary delay is resulting in the default of EMI payments. Apart from this, the banks are levying penalties for not maintaining sufficient balances in the accounts of the employees.
A low CIBIL score can make it difficult for employees to borrow loans in the future. Consequently, some of the employees are forced to borrow from private lenders at higher interest rates to meet their EMI commitments causing unnecessary financial burden, TSPEJAC said.
Further, the letter said that the salaries for the month of June have not yet been paid. The delay has a demoralising effect on the employees and is affecting the reputation of the organisation as a whole.
The TSPEJAC requested the management to arrange for immediate payment of June month salaries and also timely payment of salaries on the 1st working day of every month to all categories of employees, artisans, and pensioners in power utilities.