TSRTC may discontinue retirement benefits scheme
HYDERABAD: The speculation over TSRTC discontinuing SRBS (Staff Retirement Benefit Scheme) in coming days have sent nearly 24,000 retired employees into a tizzy. Anxious about their future, the retired employees who draw monthly benefits from the scheme, are now approaching the higher officials.
According to officials sources, given the poor financial condition of the Corporation, an expert committee has been constituted to study the feasibility of continuation of the scheme. “We are waiting for the feasibility report. Our next move will be decided accordingly,” said an top official.
The Corporation does not provide any pension benefits to retired employees. It deducts some amount from members’ monthly salary, which is added to their SRBS accounts. After their retirement, they draw monthly benefit from the SRBS kitty. At presently, the Corporation has the amount of nearly Rs 358 crore, in different banks, which was collected over last two decades under the scheme. The interest on the amount contributes to the monthly disbursal for the retired staff under the scheme.
It is being alleged that the management stopped matching contribution in 2013 to the tune of Rs 6.7 crore per annum. Now under the garb of financial constraints it may scraped completely. “As per the bylaws, the scheme came to existence as part of providing social security to employees; it was mutually agreed upon. If the Corporation winds up the scheme, it will be against the bylaws. The management has agreed to pay even if the resources are exhausted,” said V S Rao, convenor of TSRTC joint action committee.
Fearing no benefit after retirement, a number of organisations representing retired men have started approaching the higher officials, but no assurance has been given. “We shall come up with a resolution after holding a meeting of retired representatives,” said a retired official.