THERE are some good news for the employees of 11 sick PSUs. The central government has approved the proposal for providing Rs.287.67 crore for the payment of provident fund, gratuity, pension, salaries and wages of 11 loss-making...Central Public Sector Enterprises (CPSEs).
"The Cabinet Committee on Economic Affairs (CCEA) approved the proposal for providing non-plan budgetary support of Rs.287.67 crore for dues, provident fund, gratuity, pension, employees state insurance, bonus and salary from 01-09-2013 to 31-03-2014," the government said in a statement.
According to the statement, the 11 CPSEs include Hindustan Cables, HMT Machine Tools, HMT (Watches), HMT (Chinar Watches), Nagaland Pulp and Paper, Triveni Structural, Tungbhadra Steel Products, Nepa, HMT Bearings, Hindustan Photo Films, Heavy Engineering Corporation.
"Payment of outstanding dues of salary and wages would mitigate the hardships of the employees. The payment would also motivate them for giving better output and prepare them to achieve the goal of revival of these companies," the statement added.
Payment of statutory dues, salary and wages in sick/loss making CPSEs under the department of heavy industry
The cabinet committee on economic affairs, chaired by Prime Minister Narendra Modi, approved the proposal for providing non-plan budgetary support of Rs. 287.67 crore for liquidation of statutory dues (Provident Fund, Gratuity, Pension, Employees State Insurance and Bonus) and salary and wages from 01-09-2013 to 31-03-2014 for 11 CPSEs.
The list of the sick PSUs includes:
Hindustan Cables Ltd.,
HMT Machine Tools Ltd.,
HMT (Watches) Ltd.,
HMT (Chinar Watches) Ltd.,
Nagaland Pulp and Paper Co. Ltd.,
Triveni Structural Ltd.,
Tungbhadra Steel Products Ltd.,
HMT Bearings Ltd.
Hindustan Photo Films Limited
Heavy Engineering Corporation Ltd.It is expected that the payment of outstanding dues of salary and wages would mitigate the hardships of the employees. The payment would also motivate them for giving better output and prepare them to achieve the goal of revival/re-structuring of these companies. In addition, clearance of outstanding statutory dues would result in fulfilment of statutory obligations, added the statement.