THIRUVANANTHAPURAM: KIIFB again lands in controversy, this time over multiple pay hikes for its CEO & Member Secretary K M Abraham over a relatively short period, when the government is struggling to make ends meet.
Abraham had five pay increases between 2019 and the end of 2024, a period which in most cases of government employees falls well within the tenure to get a single pay hike.
Talking to businessbenchmark.news, an informed source from the Finance Department of Kerala Government, said this gains attention as KIIFB is now scratching its head over how to find fresh funds to take forward the numerous projects announced by the Board.
Rs2.73cr in six years
According to the Finance Minister’s report in the Assembly, Abraham’s income added up to Rs2.73 crore in the six years.
He is earning Rs3.87 lakh presently and received increments ranging from Rs19,250 to Rs27,500 every year.
Having been a part of KIIFB, Abraham is also holding some esteemed posts like Chief Principal Secretary to the Chief Minister and Executive Vice-Chairperson of K-DISC; however, he has no additional salary for those posts.
The borrowings made by KIIFB have already given enough headaches to the government whose loan limits have been clipped by the Centre citing KIIFB’s market borrowings in the past years.
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