In view of the “extreme adverse financial” crisis due to suspension of its services for nearly five months on account of Covid-19, the DMRC announced pay cuts for its 15,000 employees Tuesday. It is also struggling to repay installment of loans taken from the Japan International Cooperation Agency (JICA).
“In view of the extreme adverse financial condition due to non-operation of Metro services, the following orders are issued: It has been decided that perks and allowances shall be reduced by 50% with effect from… August 2020, till further orders,” says the order issued by DMRC senior deputy general manager (HR) Sangeeta Shrivastava.
The order also put on hold all sanctions of fresh advances for House Building Advance, laptop, festivals. The advances already sanctioned and those sought for medical treatment, TA, DA will continue to be granted, it added.
The DMRC had earlier written to the Centre requesting it to defer the payment of its loan installment for the year 2020-21. It owes JICA, which has so far granted Rs 35,198 crore loan to DMRC, Rs 1,242.83 crore in the current financial year, which include principal and interest amounts. However, the Centre had advised DMRC, and other Metro operators, to approach their respective state governments.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines