Over 500 employees of the Kerala Spinners Limited, a joint sector company owned by the State Government and a Kolkata-based group, will be given voluntary retirement benefits here on September 30 as part of an agreement signed between the management and the employees.
The company, which ran in profits for quite some time after being established at Komalapuram near here in 1964, gradually sunk into losses and was shut down in March 2003. After several rounds of discussions between successive governments, the management and the employees and a number of struggles by trade unions, a voluntary retirement scheme was finally agreed for in 2006.
Now, after three years of waiting, the employees will finally receive the benefits they had agreed for after it was finally decided that the company would not reopen. Accordingly, Industries Minister Elamaram Kareem will distribute the benefits at a function to be held from 4 p.m. at the Aiswariya Auditorium here on September 30. Finance Minister T.M. Thomas Isaac will preside over the function, according to Kerala State Industrial Development Corporation executive director M. R. Karmachandran.
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K.C. Venugopal, MP, P.P. Chitharanjan, Municipal Chairman, P. Venugopal, District Collector, and others will be present.