State-run Bharat Sanchar Nigam Ltd (BSNL) is readying to pay November salary in another two days, which will be raised from internal accruals and bank loans.
“The intention is to pay salaries before December 31, which would be mostly funded from cash inflows. The company is also in talks with a couple of banks for loans to meet operating and other expenses,” a source close to the development told BusinessLine.
The public sector unit is also expecting some payment from Department of Telecommunications (DoT), he added.
This is nearly a month’s delay as per BSNL policy, salaries are credited on the last working day of every month.
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BSNL’s salary expenses are about ₹750-850 crore a month, which is expected to fall from February following the completion of the VRS process.
This is the sixth time BSNL has missed its salary date. The PSU had credited October salary on December 5, while that of November was expected to be delayed further.
The company had credited September salary on October 23, a delay of 23 days.
BSNL had paid August salary after an 18-day lag, while July wages were credited on August 5, and February salary was paid later in March.
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Source: The Hindu