Tag Archives: PSU

HOC Employees without pay for 4 months

01 Tuesday Jul 2014

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440 Employees of Central PSU, Hindustan Organic Chemicals (HOC) are not paid salary for months on the plea of loss to the company. 200 employees are to get salary from March 2014 and others from April.
The plants in the company are closed due to lack of capital. Central Government did not give assistance despite continued plea by the company.
” The Save HOC Action Council” has demanded the central government to assist the company to continue work as also immediate funds for payments of salary etc. to the employees. The employees are continuing the Satyagraha before the company for the last 100 days.

The Central Government should immediately allot funds towards the salary etc. and also ensure functioning of the company.

CITU opposes moves for 100% FDI in Defence

31 Saturday May 2014

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CITU OPPOSES MOVE FOR
ALLOWING 100% FDI IN DEFENCE PRODUCTION
FOR DISINVESTMENT/PRIVATISATION OF PSUs

The Centre of Indian Trade Unions (CITU) strongly opposes Modi government’s move, as reported by the media, for allowing 100% FDI in defence sector. Such move is totally detrimental to the interests of the indigenous defence production network, mainly under government departments and PSUs, and also to national security-management and preparedness. Such move would also directly provoke disinvestment/privatization of the Defence PSUs and Ordinance factories establishment via corporatization route which could so long be successfully resisted by the united trade union movement in the country as well as all the defence sector federations including those having allegiance with the political party in power.

The CITU also expresses its deep concern and strong opposition to the overzealous drive of the government to push through disinvestment of shares in highly profit-making PSUs, mostly in the strategic, infrastructure and natural resources sector of the economy. As reported by the press, the Government has reportedly taken up as their priority agenda for off-loading government’s residual stakes at aluminum major BALCO and also expediting disinvestment in other blue-chip PSUs already shortlisted by the disinvestment department of the previous Government.

CITU urges the Government to take serious note of the unanimous opposition of the working people of the country, who actually creates GDP for the country as well as resources for the national exchequer to such disastrous exercises of disinvestment and privatization and unrestricted FDI. Such opposition has been voiced through numerous agitations by the united platform of the entire trade union movement in the country irrespective of affiliations and political allegiances during last five years.

CITU demands of the Government to restrain itself from such moves which are detrimental to the interests of the people as well as of the national economy; and calls upon the trade unions and working people to unitedly voice their opposition and put up resistance to such disastrous moves.

IDA being reduced from 90.5% to 88.4% w.e.f. April 2014 ?

31 Monday Mar 2014

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It is understood that the IDA for PSU employees including BSNL employees will be reduced from 90.5 % from January 2014 to 88.4% from April 2014, a reduction of 2.1%. This is attributed to the decrease in the Consumer price Index (CPI) for the industrial workers.

We are at a loss to understand how the CPI has come down when the prices of all essential commodities have been going up continuously for the last so many months, without any reduction. There is clear indication that the UPA government in its last phase, before the general election has taken its revenge on the working class by manipulating the CPI. An enquiry is to be conducted on how the CPI has come down. The new government should go in to the matter to do justice to the workers

 

 

 

Govt. takes away Rs. 16,485 crore from CIL as Special Dividend

15 Wednesday Jan 2014

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The government is squeezing all the profitable PSUs to find out funds to patch up its financial crunch. Now the Coal india Limited (CIL) has been pressurised to give Special Dividend. Accordingly the CIL will have to pay Rs. 18,317.46 crore as SD out of which Rs.16,485 crore will go to the government and the rest to the other share holders. This is the biggest dividend of all times any company has given.
CIL had already given an amount of rs. 8,842.91 crore to the government for 2012-13.
The government not only wants money, but also wants to cripple all the PSUs to ensure benefits to the private companies.

Syndicate Bank to Recruit 5,000 new Staff

11 Saturday Jan 2014

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Banking industry seems to have understood that new recruitment is necessary for the growth of business and beer service to the customers.
The Syndicate Bank, one of the Public Sector Banks has decided to recruit about 5,000 new staff in the coming year, 2014-15. it has opened 145 new branches in this year and is projected to open another 250 branches.
This is a good news for the customers and the staff in Syndicate Bank. Young blood, new recruits are always necessary for the growth and health of any institution.
Will BSNL Management realise this truth!

PSUs surplus cash will be taken by Centre

24 Tuesday Dec 2013

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The Central Government is thinking of taking the cash surplus of the profitable PSUs by ordering higher % of dividend to them. These PSUs include BEL, BHEL, Coal India, BPCL, Gail, MMTC, NALCO,NLC,NTPC, Oil India, ONGC etc.
The Government is expecting about Rs. 27,000 crore more as dividend from these PSUs in addition to the Rs. 37,000 they are liable to pay.

The policy of the government is intended to divest all the cash surplus of the Profitable PSUs. The cash surplus of Rs. 40,000 crore with BSNL was taken over by government in the name of spectrum charges, notional loan etc. by the government. Now in the other PSUs it is increasing the % of dividend. Once any PSU becomes sick, then there is no help, though it is the policy and action of the government which made it loss making.
Whatever be the name of taking the money from the PSUs, the main intention is to make the PSUs sick. Of course the government will get the money also.
This anti-PSU policy has to be opposed and defeated by the people.

BALCO and Hindustan Zinc will now be fully sold

29 Friday Nov 2013

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The selling spree of PSUs by the Government continues at fast pace.
51% shares of BALCO and 65% of Hindustan Zinc have been sold to the Vedanta Group of Companies during the NDA period. there was sustained struggles against the sale of BALCO by its employees as also by the Central TUs. It was sold for a meagre amount of Rs. 551 crores to Sterlite ( which is now part of Vedanta), almost half of the market price. 65% of Hindustan Inc was sold for Rs. 750 crore in the same way.

Now the Government is proposing to completely sell the shares to the company and fully privatise. The Government expects to get about Rs. 20,000 crore through this sale. But that is doubtful since, it is a deal between the government and Vedanta and certainly the government will agree for lesser price.

It is not the question of the price alone. It is the question of handing over the nation’s wealth to private companies to maximise their profits. We strongly oppose the move to full sell the PSUs to the private.

5 Years Wage Settlement in Port & Docks w.e.f. 01-01-2012

29 Friday Nov 2013

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Wage Settlement for Port & Dock Workers
A wage settlement for port and dock workers was signed on 25 October in presence of the chief labour commissioner (central). On behalf of the workers, the members in the Bipartite Wage Negotiating Committee (BWNC) – 5 from All India Port & Dock Workers Federation (HMS), 2 from All India Port & Dock Workers Federation (Workers) (HMS), 2 from Indian National Port & Dock Workers Federation (INTUC), 2 from Water Transport Workers Federation of India (CITU) and 1 from Port, Dock & Waterfront Workers Federation of India (AITUC) signed the settlement.

Highlights of the Settlement: – (i) Duration of the settlement – 5 years effective from 1 January, 2012; (ii) Revised basic pay scales: Minimum Rs.13,500 – Rs.27,400; Maximum – Rs.23,600 – Rs.56,300 in 10 grades; (iii) Fitment in revised scale: existing basic-special pay-stagnation increment + VDA upto 198 points (57.14) + 10.5% of the aggregate; (iv) Rate of Annual Increment: 3% of the revised basic; Minimum – Rs.410 and Maximum – Rs.1690; (v) Dearness Allowance: 100% neutralization of quarterly average above 198 points of AICPI (2001=100) series; (vi) House Rent Allowance: Actual basic + stagnation increment – at Mumbai, Chennai, Kolkata – 30%; at Visakhapatnam, Cochin, New Mangalore and Mormugao – 20%; at Kandla, Tuticorin – 15% and Paradip and Haldia – 10%; (vii) Port Allowance: Increased by 10%; (viii) Additional benefits on regular promotion; (ix) Family planning allowance; (x) Transport Reimbursement: Rs.525 plus DA; For disabled persons double the rate; (xi) Children’s Education: Annual reimbursement upto Rs.15,000 per child with maximum for two children with automatic 25% rise with 50% DA rise. For disabled child double the limit. (xii) Washing: Increased to Rs.155 and special Rs.200 per month with 25% rise with 50% DA rise; (xiii) Design Allowance: Raised to Rs.500; (xiv) Women Child Care Leave: Maximum 2 years during entire service period upto 2 children. Central government’s order shall apply. (xv) Arrears Payment: Within 2 months; (xvi) Pension: Federations’ demand – subcommittee of BWNC will discuss.( Courtesy : Working Class – December 2013)

The Hen that lay Golden Eggs – Dividends from PSUs to Government

17 Sunday Nov 2013

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The PSUs are always ridiculed as making losses, a burden on the government and the tax-payers etc. and demanding that they should be privatised. This is the policy of the government in line with its neo-liberal directions.
But what is the truth? A good number of PSUs are profit-making and a good amount is paid to the government as Dividend by these companies. The government has got Rs. 55,000 crore Dividend for the year 2012-13 from the PSUs and it expects Rs. 73,000 crore this year. The dividend paid by the top 10 PSUs for 2012-13 is given below:
Coal India : Rs.8842.9 crore
ONGC : Rs. 8,127.7 crore
NTPC : Rs. 4,741.1 crore
SBI : Rs. 2,838.7 crore
NMDC : Rs. 2,775.3 crore
Oil India : Rs. 1,803.4 crore
IOC : Rs. 1,505.3 crore
BHEL : Rs. 1,323.0 crore
Power Grid : Rs. 1,273.1 crore
GAIL : Rs. 1,217.7 crore
Now, the Finance Minister has again called upon the PSUs to give more % of Dividend to the Government. This is but nothing trying to cripple the PSUs, as it has already in the case of BSNL by taking away all the surplus of the company by hook or crook.
The anti-PSU policy and actions of the government should be thoroughly exposed and the PSUs strengthened.

Nationalisation of Private banks in 1969

19 Friday Jul 2013

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It would seem unreal now in the era of liberalisation and privatisation. But it is a fact that 14 private banks were nationalised in 1969 by the then Central Government head by Prime minister Smt.Indira Gandhi. The date was 19th July 1969.
In 1955, State Bank of India was nationalised,SBI subsidiaries in 1959,14 private banks in 1969 and another 7 private banks nationalised in 1980. The private banks nationalised in 1969 980 are given below:
*Central Bank of India
•Bank of Baroda
•Union Bank
•Allahabad Bank
•United Bank of India
•UCO Bank
•Bank of India
*Indian Overseas bank
*Bank of Maharashtra
•Dena Bank
•Punjab National Bank
•Syndicate Bank
•Canara Bank
•Indian Bank

The nationalisation of the private banks were done since these banks were not performing good and also as part of the focus on public sector growth. But now the policy of the government has changed to liberalisation, globalisation and privatisation. Accordingly, the government want to marginalise the PSU banks and bring new private banks by giving licences to the corporates for starting new banks. The Bank workers and their unions are against this move and have strongly opposed it. We fully support them.