New Delhi: In a bid to improve cash flow, state-run Bharat Heavy Electricals Ltd (BHEL) and Hindustan Aeronautics Ltd (HAL) have suspend leave encashment to employees. Cash-strapped Bharat Sanchar Nigam Ltd (BSNL), on the other hand, has been deducting salaries for employees’ failure to meet targets.
BHEL has urged its employees to judiciously use cash for buying raw material, manufacturing operations and execution of projects and is making efforts to realise locked up cash.
BHEL suspends in-leave encashment
“In the recent times, the company has been facing strain over the availability of funds for running its operations. Business sectors/units are taking special efforts to realise the cash locked up with customers due to various reasons. This financial condition thus demands that cash outflow on various accounts are regulated to survive in the current situation and cash availability is prioritised for meeting the working capital requirements for purchase of raw materials, manufacturing/operations and project execution. Under these compelling circumstances, it has been decided to suspend in-service encashment of earned leave,” the company said in an internal memo circulated to its employees.
Encashment of earned leave is, however, allowed for meeting financial requirements for higher education or marriage of children and in case of resignation, superannuation, death, or accumulation of more than 300 leaves, BHEL told its employees.
HAL follows suit
HAL, too, has followed suit and has suspended leave encashment. “HAL has stopped leave encashment for employees who are in service as part of austerity measure. However, those retiring are given the full benefits including the leave encashment,” company spokesman Gopal Sutar said.
The company, however, is paying all perks and allowances included in salaries. “We are hopeful of improvement in our financial position in near future,” Sutar said.
What’s up with BSNL?
In order to sustain itself financially, BSNL, 75 percent of whose revenue goes into paying employees’ salaries, has been penalising its employees for failing to meet landline and broadband expansion targets.
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An internal memo, dated September 9, said, a review of the achievements for August 2019 shows that many field units had failed to meet landline and broadband targets for which “penalty in the form of recovery from salary in proportion to non-achievement of targets is hereby imposed.” The memo, however, said that the salary deductions “would be rolled back” for employees who achieve their pending as well as September targets.