Updated By: LatestGKGS Desk
Cabinet provides budgetory support to HMT Ltd and provide VRS
Union Cabinet to provide financial support to HMT Ltd for outstanding salaries and VRS
The Union Cabinet has approved budgetary support to HMT Ltd for transfer of outstanding salary or wages and closure of HMT tractor division by offering attractive VRS OR VSS 2007 pay scale.
The government has approved Rs.718.72 crore for this outstanding salary/ wages, VSS ex-gratia payments and to clear tractor division liabilities towards Banks and Creditors.
Union approved transfer of selected small parcels of HMT, Bangalore and Kochi
Government has also given its approval for HMT land to Bangalore and Kochi to be use this land for public interest.
The tractor division has been incurring on heavy losses and was not able to pay the salaries and wages to the workers since July 2014.
For this government has given its approval and the company also decided to close offer VRS to clear their dues.
