How does the government protect the interest of the workers when a PSU is privatised?
The Indian government is proud of its record of protecting workers in privatised PSEs, and it probably enjoys the most worker-friendly record anywhere on earth. In three disinvestments thus far, the sales contracts stipulated that there would be no workers retrenched, and those contracts have been adhered to in every case. The government is also proud of its role in the offer of Voluntary Retirement Benefits, which in all three privatisations were generous and retirement was purely voluntary. Government believes that our PSE workers have put in long years of hard work and deserve to be treated with fairness, transparency and generosity. After a PSE is privatised, government remains involved in two ways. First it is still a partner to the sales agreement, so it has a responsibility to ensure that the buyer lives up to his promises in terms of how workers are treated. Secondly, as a private sector firm, the privatised PSE falls under Indian law as does every other company in the country
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