THIRUVANANTHAPURAM: With the service conditions of Kerala Infrastructure Investment Fund Board (KIIFB) chief executive officer K M Abraham coming under fire, he has come up with an explanation that he is not re-employed under the government, but is working only on a contract basis.
In a note titled “for transparency”, circulated internally to all KIIFB officials on Saturday, Abraham said that he had two ways of taking up the job of KIIFB CEO after his retirement as chief secretary of state.
“There were two modes of employment possible for me, the first would on ‘re-employment’ basis where I would continue to get my salary minus my pension or on ‘contract’ where I would be getting the salary that would be specified in my contract. I opted for the latter, because as a contract employee, I get substantially more freedom and more independence in pursuing areas and activities of my professional and academic interest than I would get as a re-employed government employee,” he said.
He said that he chose to offer his services on contract for three years at a remuneration fixed at the gross pay and all allowances and perquisites that he was enjoying as chief secretary, with a provision for a 10% increase annually. Normally, an official who is re-employed after retirement would be offered only a remuneration which is equal to the difference in the last drawn salary and pensions, which in the case of Abraham, was waived off by the government. Sources said the remuneration will be around Rs 2.75 lakh per month, in addition to the pension he draws.
He also said in his note that he is currently on the board of three companies –– Trivandrum Engineering Science and Technology Park, a state government company; Muthoot Capital Services Ltd, Kochi and Kirloskar Oil Engines Limited, Pune.
He said that he is a non-executive independent director in these companies and is not drawing any remuneration except the sitting fee for the board meetings plus travelling allowances.
He also said that the accountant general’s office is auditing KIIFB under Section 14 of the CAG (DPC) Act, 1971, and that audit team has already started its audit on two occasions, but some are still spreading the false information.
In a note titled “for transparency”, circulated internally to all KIIFB officials on Saturday, Abraham said that he had two ways of taking up the job of KIIFB CEO after his retirement as chief secretary of state.
“There were two modes of employment possible for me, the first would on ‘re-employment’ basis where I would continue to get my salary minus my pension or on ‘contract’ where I would be getting the salary that would be specified in my contract. I opted for the latter, because as a contract employee, I get substantially more freedom and more independence in pursuing areas and activities of my professional and academic interest than I would get as a re-employed government employee,” he said.
He said that he chose to offer his services on contract for three years at a remuneration fixed at the gross pay and all allowances and perquisites that he was enjoying as chief secretary, with a provision for a 10% increase annually. Normally, an official who is re-employed after retirement would be offered only a remuneration which is equal to the difference in the last drawn salary and pensions, which in the case of Abraham, was waived off by the government. Sources said the remuneration will be around Rs 2.75 lakh per month, in addition to the pension he draws.
He also said in his note that he is currently on the board of three companies –– Trivandrum Engineering Science and Technology Park, a state government company; Muthoot Capital Services Ltd, Kochi and Kirloskar Oil Engines Limited, Pune.
He said that he is a non-executive independent director in these companies and is not drawing any remuneration except the sitting fee for the board meetings plus travelling allowances.
He also said that the accountant general’s office is auditing KIIFB under Section 14 of the CAG (DPC) Act, 1971, and that audit team has already started its audit on two occasions, but some are still spreading the false information.
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