TS seeks transfer of over Rs 2,000 cr electricity employees trust funds from AP
Hyderabad: Telangana State Power Generation Corporation Limited Chairman and Managing Director D Prabhakar Rao has requested APTransco Chairman and Managing Director Nagulapalli Srikanth to transfer TSTransco and TSGenco share of employee trust funds amounting to Rs 2,172 crore to Telangana immediately. In a letter to Srikanth, Rao said as these trust funds were still held […]
Hyderabad: Telangana State Power Generation Corporation Limited Chairman and Managing Director D Prabhakar Rao has requested APTransco Chairman and Managing Director Nagulapalli Srikanth to transfer TSTransco and TSGenco share of employee trust funds amounting to Rs 2,172 crore to Telangana immediately.
In a letter to Srikanth, Rao said as these trust funds were still held by APTransco and APGenco, Telangana trusts were facing hardship in arranging payments for retired and deceased employees.
APGenco has to release trust amounts of Rs.2,172 crore dues as on January 31,2022 to TSGenco trusts. After bifurcation of the State, Telangana share of employees trust funds (Pension and Gratuity Trust, Earned Leave Encashment Trust, Provident Fund and Gratuity Trust) were still with the trusts maintained by APGenco and APTransco.
APTransco has confirmed that Rs.659.36 crore was the provisional balance of Telangana in the trust funds held by APTransco as on March 31, 2021. With interest up to December 31, 2021, the amount to be transferred was Rs.712.10 crore.
Rao said it has also come to the notice that a separate Andhra Pradesh State Financial Services Corporation Limited (APSFSC) was incorporated and the government has directed all the corporations to transfer the trusts funds and deposit to the corporation.
The trusts funds maintained by trustees of APTransco/APGenco trust on behalf of employees belong to the serving and retired employees of the corporations. Hence, any move to transfer these funds to APSFSC will detrimentally affect the savings of employees and the future gratuity, PF and pension payments to serving and retired employees.
“We request you not to take any action to transfer funds to APSFSC and transfer them to TSTransco and TSGenco trusts immediately,” Rao added.
Earlier in the day, Telangana Electricity Employees Joint Action Committee urged Rao to use his good offices in getting trusts funds from AP.
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