Notwithstanding the drastic decline in its revenue profile since the onset of COVID-19, the Travancore Devaswom Board (TDB) has decided to give out the bonus and festival allowance to its employees in connection with the Onam season.
Confirming the move, N. Vasu, TDB president said that the board had decided to pay the festival allowance and bonus to its employees at the rates announced by the State government. They, however, will not be eligible for the Onam advance of ₹15,000, as announced by the government.
“The payment of bonus and festival allowance will put an addition burden of ₹3 crore to the already creaking cash flow. The Board, however, does not want its employees get a raw deal'', said Mr. Vasu.
The restrictions imposed due to COVID-19 had a drastic effect on the revenue source of the TDB, with the board suffering a loss of over ₹600 crore since March 2020. With some 5,500 employees on its rolls and almost the same number of pensioners, it incurs a monthly expenditure of around ₹50 crore.
In view of the ever-declining cash reserves, which has now gone below ₹5 crore, the TDB has approached the State government seeking more assistance.
Official sources said that efforts were on to check the alleged diversion of contributions from devotees out of the TDB exchequer at some temples.
Meanwhile, it has completed a preliminary verification of its gold reserves as part of its plan to monetize the gold reserves, which are not used for the daily temple rituals, and which do not have antique value. “A preliminary verification has shown that a little over 500 kg of gold is available for the purpose but a few more aspects have to be clarified before finalizing the verification . On completion of the process, a petition will be moved with the Kerala High Court seeking its permission for converting them as gold bonds, which will fetch an annual interest of 2.5%,” explained Mr. Vasu.
