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Wednesday, March 3, 2010

PSUs slash 31,000 jobs in FY’09

Hit by the slow down in the economy in 2008-09, central government owned public sector undertakings (PSUs) shed 31,000 employees during the year. The number of people employed by the Central Public Sector Enterprises (CPSEs) came down to 15.35 lakh at the end of 2008-09 from 15.66 crore in the previous fiscal, the Public Enterprises survey stated.

Even as the number employed reduced, the overall profits of the PSUs increased to Rs 1 lakh crore in 2008-09 from Rs 91,571 crore a year ago. The employee strength of the CPSEs has been constantly coming down since 2001-02 during which they had a staff of about 20 lakh. The PSU Survey also revealed that out of a total of 15.35 lakh people employed by 242 CPSEs in 2008-09, only 1.29 lakh were women.

“A good number of CPSEs, are faced with a high rate of attrition, as employees are leaving to join other organisations on account of higher salaries being offered elsewhere,” the survey said. The wage bill of CPSEs went up by 28.67 per cent during 2008-09 to Rs 82,735 crore from Rs 64,300 crore in the year ago period mainly on account of Pay Commission recommendations. Foreign exchange earnings through exports increased 9.61 per cent in 2008-09 to Rs 74,184 crore while the outflow on imports, primarily crude oil, also went up 16.46 per cent to Rs 4,28,821 core.