Thursday, January 6, 2011

Govt clears Rs 70-cr budgetary support for 10 loss making PSU for payment of employees due.

The government today approved budgetary support of Rs 70.41 crore for 10 sick and loss-making Central Public Sector Enterprises for payment of employees' statutory dues like gratuity,provident fund,insurance and bonus.
The funds approved by the Cabinet Committee on Economic Affairs (CCEA) would be used for clearing employees' dues from April-June,2010 for the CPSEs under the Department of Heavy Industry.
Hindustan Cables Ltd has maximum of statutory dues of Rs 24.37 crore, followed by different HMT units and Nagaland Pulp and Paper Co. Other CPSEs with these outstandings include Triveni Structurals, Tunghabadra Steel Products, Nepa and Scooters India.

"Payment of outstanding dues would mitigate the hardships of the employees motivating them for better output and prepare them to achieve the goal of revival of the companies", an official statement said after the CCEA meeting.
Source : PTI
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