Mumbai, June 25: Maharashtra State Road Transport Corporation (MSRTC) on Wednesday announced a 50 per cent pay cut of over one lakh employees for the month of May. The reason cited by the undertaking was due to the financial stress that has increased owing to the lockdown imposed to contain the spread of coronavirus.

According to an Indian Express report, the employees have still not received their salary for the month of May. The salary usually gets credited by June 7. On the other hand, MSRTC is facing a cumulative loss of Rs 6,000 crores. Maharashtra: MSRTC Resumes Bus Services After Two Months Following Lockdown Relaxations

The undertaking in its circular on Wednesday mentioned that steps would be taken to ensure that employees get minimum 25 per cent salary in hand. This is the first time, MSRTC has failed to pay salaries to employees on time. According to a Times of India report, the company has said that this is a 'temporary' measure and the balance would be paid to the employees once the situation improves.

(The above story first appeared on LatestLY on Jun 25, 2020 08:50 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website