The world’s richest temple trust, Tirumala Tirupati Devasthanams (TTD), is reportedly struggling to pay its employees after suffering a loss of revenue totalling Rs 400 crore due to the nationwide coronavirus lockdown.
The members of the trust have claimed that the Tirupati temple, that attracts nearly 1,00,000 devotees daily, has not opened its doors to them for the past 50 days. As a result, its revenue has hit rock bottom, reported the Times of India.
As the temple coffers are emptying fast, the trust is struggling to pay salaries to its 23,000 staffers. They are also finding it difficult to meet daily expenses as even in the absence of devotees, the daily and weekly rituals and festivals are being observed inside the temple premises as usual.
For live updates on coronavirus, click here
The TTD has spent almost Rs 300 crore on paying salaries, pensions, etc., already and is now exploring ways to resolve the looming financial crisis through means other than falling back on its Rs 14,000 crore fixed deposits or eight tonnes of gold reserve.
Commenting on the situation, TTD chairman YV Subba Reddy said: “TTD is obligated to pay salaries and pensions and has a set of other fixed expenses which it has to incur, irrespective of its revenues hitting rock bottom. TTD has a fixed annual expenditure of nearly Rs 2,500 crore under different heads.”
Coronavirus pandemic: A look at all the COVID-19 'cures' suggested so far
He added that the TTD’s monthly income totals to Rs 200-220 crore approximately. However, it has raised no revenue by means of devotee donations since the lockdown was imposed, which has led to this crisis. That apart, the trust also witnessed dipping sales of darshan tickets, prasadams tokens, accommodation and other services offered by the temple authorities.
As the gates of the temple were closed to all devotees in the wake of the pandemic outbreak in India, the TTD suffered a loss of Rs 175 crore approximately in hundi collections alone. Yet, the TTD is having to expend around Rs 120 crore every month for miscellaneous activities, including grants totalling Rs 400 crore towards BIRRD, SVIMS and other medical institutions run by it.
One must note here, some media reports have claimed that the temple trust has enough funds to pay full salaries to its permanent and outsourced staffers, and pensioners, for the coming two to three months even if the global health crisis continues.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
