The Jammu & Kashmir government has decided to shut down 10 units of state-owned Jammu and Kashmir Industries Ltd (JKIL), which is running huge losses and has offered Voluntary Retirement Scheme to 1,077 employees.
“The management of JKIL has taken a decision to close down 10 out of the 15 units of the corporation and most of them are presently defunct,” the state’s finance department officials said.
The corporation has also identified 1,077 employees as surplus of the available strength of 1,643 and they have been offered Voluntary Retirement Scheme (VRS), they said.
The corporation has a huge salary bill of Rs 16.91 crore, which will come down to Rs 6 crore, after VRS is successfully implemented, they said.
JKIL has liabilities of living allowance arrears of Rs 29.60 crore, gratuity and leave salary, and Fifth Pay Commission arrears of Rs 4.18 crore and pending salary burden of Rs 2.80 crore, they said.
The government has also failed to implement the Sixth Pay Commission, the officials said.
