Retired IFCI employees seek pending claims

NEW DELHI: As IFCI strives to revive itself by initiating a process of strategic sale, retired employees have asked those interested in buying the stake to take note of the company's dues towards them.

IFCI Retired Employees Welfare Association said revision in pay scales and related benefits effective from November 1, 2002, as given to existing employees, are pending for those who have retired.

Besides, benefit arising out of additional five years of service for calculation of pension to VRS optees are also pending, the association said in a notice to the management.

The association alleged that the benefits have been denied to about 300 employees who opted for VRS and retirement in 2003 and 2004.

However, the benefits like pay scale revision and allowances were given to VRS optees of 2000-2001 with effect from November 1, 1997 despite IFCI incurring losses, the association said.

Another association of retired employees, IFCI Retired Welfare Forum, have also submitted similar demands.

Meanwhile, the country's oldest financial institution is in the process of shortlisting the entities shown interest in buying 26 per cent stake in it.

The institution has received Expressions of Interest from 10 domestic and foreign financial institutions and consortia for picking up 26 per cent stake in IFCI.

Out of 10 suitors, seven are standalone including domestic financial institution IDFC, Kotak Mahindra Bank, GE Capital, Cargill, French banking company Natixis, US-based private equity fund manager Blackstone and Newbridge. The rest three are consortia.