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Saturday, May 7, 2016

Postal Deptartment's deficit jumps 14% to Rs 6,259 crore in FY15

The deficit of Department of Posts (DoP) increased by 14.35 per cent to Rs 6,258.60 crore for fiscal 2014-15 due to increased staff costs.

The deficit stood at Rs 5,473.10 crore in 2013-14, the annual report of the department said.

Gross working expenditure stood at Rs 18,556.56 crore in 2014-15 as against Rs 16,796.71 crore in the preceding year.

"The increase was mainly due to payment of dearness allowance/annual increment, modified assured career progression, leave encashment during leave travel concession, cost of materials, fuel etc," the report said.

Total revenue earned including remuneration from savings bank and savings certificates in 2014-15 also increased 8.44 per cent to Rs 11,635.98 crore and the amount received from other ministries as agency charges (recoveries) was Rs 661.98 crore.

The total revenue for the year 2013-14 stood at Rs 10,730.42 crore and recoveries were to the tune of Rs 593.19 crore.

"During the financial year 2014-15, the deficit of the Department was Rs 6,258.60 crore against the previous year's deficit of Rs 5,473.10 crore, which is an increase of 14.35 per cent," the report added.

The Post Office provides postal services to the public through a large nationwide network. Besides providing purely postal services, post offices perform agency functions like saving bank, payment of pension, sale of cash certificate, among others, on behalf of other ministries of the government.
Source:-The Economic Times

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