Kochi

Union Minister promises payment of arrears to FACT retirees

Union Minister for Chemicals and Fertilizers Mansukh Mandaviya has assured N.K. Premachandran, MP, that the demand for payment of arrears of revised wages to those who have retired from the public sector Fertilizers and Chemicals Travancore will be considered favourably and implemented in a timely manner.

The assurance was given after Mr. Premachandran met the Union Minister. Mr. Mandaviya congratulated the management and workers of FACT for turning the company into a profitable one. FACT has been running in profit continuously for the last three years. The company was in profit during 2018-19, 2019-20 and 2020-21. The total profit was to the tune of ₹1,490 crore, said a submission by the MP.

Though wages revision was affected in the public sector company in 1997, the revised wages were not paid to the employees till June 2001. It was then promised that if the financial condition of the company improved and it was profitable for a period of continuous three years, the arrears would be paid. A communication claimed that companies such as Madras Fertilizers Limited had already paid the arrears of the wages revision in 1997 within a year of coming into profit.

Consequent to FACT making profit for two years and improving its financial position, the 2007 wages revision effective from January 2007 was implemented in 2010. The wages arrears were then paid to the employees on the company payroll at that time without clearing the 1997 wages arrears for the retirees, said Mr. Premachandran in his submission before the Union Minister.

He also said that the total wages arrears would amount to about ₹70 crore and the retirees lived on meagre EPF pension and in the age group between 74 and 84.


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Printable version | Sep 23, 2021 12:16:36 AM | https://www.thehindu.com/news/cities/Kochi/union-minister-promises-payment-of-arrears-to-fact-retirees/article35660486.ece

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