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Kollam: The KSRTC has decided to limit the approval of loans from the Employees Provident Fund. As per the new decision, only those employees who need the money for an emergency will get the loan from their PF account.
Loans would be granted based on special permission to employees who have applied for the purpose including wedding, education, court proceedings or treatment.
The management said loans for other purposes would be considered after the completion of the ones with special permission. Employees who have applied for PF loans have been waiting for about a year.
There have been delays in granting PF loans since the KSRTC started to face financial trouble.When Tomin J Thachankary was the Managing Director of KSRTC, measures were taken to disburse the loans. Current MD Biju Prabhakar too has taken measures for the same.
However, the situation changed when the salary distribution got interrupted. When the management prioritised salary distribution, PF loan applications started piling up.
Meanwhile, members representing the workers' union expressed disappointment over the delay in granting loans during a PF trust meeting.
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