The Bharat Sanchar Nigam Limited (BSNL) has not credited salary to its at least 1.76 lakh employees for the month of February. Reports said that the state-owned telecommunication company is under mounting financial pressure and has been in debt for more than five years. It is going to be the first time in the history that BSNL has failed to pay salaries to its employees.
In FY18, BSNL incurred a loss of around Rs 8,000 compared to Rs 4,786 crore in FY17. The loss is expected to be higher than Rs 8,000 crore in FY19.
It has been rumoured that the BSNL board has demanded a loan, however, the Department of Telecommunications (DoT) has not yet agreed to it.
With an aim to protest, the company union recently wrote to Telecom minister Manoj Sinha demanding to release funds to the company so that the salaries could be paid to the employees and the company comes back on the track.
It has also been reported that 55% revenue of the company goes to payment of wages. While the company’s wage bill is reportedly increasing, the revenues are standing still.
“Financial crisis is being faced by other operators also but they are managing the situation by infusing huge amounts,” read the letter written by All Unions and Associations of BSNL (AUAB).
Meanwhile, some reports said that the BSNL has started paying salaries to its employees in Kerala, Jammu and Kashmir, Odisha and the corporate office. However, there are chances that the salary of March might also get delayed by a few days.