Air India divestment: Staff colonies to be vacated in 6 months; govt to make good any shortfall in PF of employees
NEW DELHI: Preparing for the impending privatisation of Air India (AI), the government has asked the airline management to ensure employees vacate company accommodation in AI residential colonies within six months of the Maharaja getting a new owner.
The management has also been directed to seek the nod from at least half the employee-members of the two provident fund (PF) trusts so that the investments from them can be liquidated and transferred to Employees Provident Fund Organisation (EPFO) before divestment.
The Union home minister Amit Shah-headed GoM on AI divestment has decided the government will make good any shortfall in liquidation values of investment of existing PF trusts, if needed through budgetary support.
