Is CM Vijayan cutting short foreign trip to tackle Kerala’s impending financial crisis?

Thiruvananthapuram, May 17 (SocialNews.XYZ) Amid a looming major financial crisis in Kerala and state Finance Minister K.N. Balagopal falling ill, Chief Minister Pinarayi Vijayan has cut short his private three-nation trip and is scheduled to return next week.

CM Vijayan was originally expected to return on May 22, but now he is likely to arrive on May 19 from Dubai, which was his last leg of the three-nation private visit. He left Kerala on May 6.

The challenge before CM Vijayan and his cash-strapped government is the mass retirement of more than 13,000 state government employees on May 31, which entails a massive payout to retirees. The amount is approximately over Rs 8,500 crore.

The way out for the Vijayan government is to either turn to the Centre or immediately increase the retirement age of state government employees from the present 56 years upwards.

But for the Vijayan government increasing the retirement age could invite the wrath of the youth wings across all political parties.

“The Vijayan government has a few proposals to tide over the financial crisis temporarily. It includes increasing the retirement age to 58 years or deferring paying the retirement benefits, and when given, paying the interest for it,” said a source.

However, it remains to be seen if CM Vijayan will take the gamble of extending the retirement age.

Of late the vacancies in many colleges have become an issue in the state. Several colleges, including engineering colleges, have seen a huge exodus of students to foreign universities, as jobs available in the state government are only a handful. More than four million educated unemployed youth are waiting for jobs in the state.

The coming days are going to be crucial for the Vijayan government. and With the Finance Minister still recovering from a medical emergency, CM Vijayan will have to take extra caution while making the crucial decision.

Source: IANS