Several public sector units (PSUs) have warned employees of a pay cut as the units are facing a severe cash crunch, according to a report by Business Standard.
Bharat Sanchar Nigam Ltd (BSNL) has moved to impose a penalty recoverable from staff salary in proportion to non-achievement of targets, further rattling the Department of Telecommunications (DoT). The Telecom Department has asked the beleaguered telecom company to explain the reason for shooting off threatening letters to its employees.
In the past, upon recommendations of the audit committee, South Eastern Coalfields Ltd (SECL) — Coal India’s largest subsidiary that alone accounts for around 25% of Coal India’s annual production — had moved a resolution to cut salaries of the senior staff by 25% as the company could not meet its financial targets and failed in production parameters.
