Leaders of the AP State Road Transport Corporation’s Employees Union (EU) have demanded immediate release of funds to the tune of ₹ 222 crore, which they said, were collected by the employees from their monthly salaries and deposited in the Credit Cooperative Society (CCS) but diverted by the management.
In a statement released on Wednesday, EU’s State president Y.V. Rao and general secretary P. Damodar Rao said the CCS, started by the employees had a turnover of ₹ 1,200 crore. This fund was used to sanction loans for purposes like performing their children’s marriages or for education purpose.
But the management diverted the workers’ hard-earned money to the tune of ₹ 215 crore, they alleged, adding that it should immediately release the amount along with an interest of ₹ 7 crore, taking the total amount to ₹ 222 crore, said the statement.
‘Agonising wait’
The employees’ union leaders threatened a massive strike at the RTC House, if the management failed to concede their demand.
They said the society which had been running successfully for the last 66 years, may now incur losses due to the management’s failure to deposit the money deducted from the workers’ salaries.
They said in the past, loans were sanctioned within 24 hours from the CCS but that was not the case any more.
Several loan applications received in December for Christmas were pending to be sanctioned and now more applications would come during Sankranti, they said.