GoM likely to decide on PSU staff dues soon

NEW DELHI: The group of ministers of payment of statutory dues chaired by Planning Commission deputy chairman KC Pant may finally hammer out a consensus on settling the Rs 2,266.18 crore due to employees of public sector enterprises in form of wages and other dues.
Sixty PSUs owe Rs 1,794.74 crore in statutory dues and Rs 471.45 crore in salaries and wages to employees. Eleven with outstandings of Rs 690 crore can settle dues from own resources while another 15 with outstanding of Rs 456 crore do so by disposing their assets.
Another 33 enterprises would require budgetary support of Rs 900 crore for clearing the dues, and 8 of these enterprises have already taken up the matter with the finance ministry.
One enterprise-Tea Trading Corporation of India-which has outstanding dues of Rs 19.02 crore is under liquidation and the matter is sub-judice. The future course of action would be decided after the high court gives its order.
According to sources familiar with the deliberations, the GoM at its last meeting on January 23 had directed the department of public enterprises to ensure that PSUs that have capacity to clear dues out of their own resources/current revenue expedite payment of the outstandings within 45 days. However, liquidation of outstanding has been held up due to legal problems.
It had also directed the DPE to ensure the administrative ministries of PSUs that could liquidate the outstandings by disposal of surplus assets fix a time frame for payment of these dues. Apparently, only 10 of the 15 such PSUs have indicated a timeframe for disposal of the surplus assets. Textiles ministry has sought Rs 200 crore bridge loan for NTC subsidiaries adjustable against the proceeds to be received from sale of assets.
Some of the major defaulter of statutory dues and wages include PSUs such as NTC subsidiaries (Rs 308 crore) Hindustan Steel Works Construction (Rs 210 crore), National Building Construction Corporation (Rs 134 crore) and, National Jute Manufacturing Corporation (Rs 264 crore).