Public Sector Units were formed since 1947, to improve the infrastructure, for industrial growth and with many other objectives for a welfare society. Profit-making was not the motive, but almost all the PSUs were posting profits.
It is only due to the neo-liberal policy adopted by the government, which is really anti-PSU, that many of the PSUs became loss making. The workers are not responsible for this. In fact, in most of the PSUs, the productivity has increased, as in BSNL, due to the efforts of the workers.
If you take BSNL, it has posted more profits than loss during the entire 17 years period. It may be with other PSUs also.
The Government should, therefore, order for wage revision for employees in all the PSUs, overriding the recommendations of the III Pay Revision Committee.