Written by: Press Trust of India
1 min readNew DelhiApr 7, 2012 01:36 AM IST
First published on: Apr 7, 2012 at 01:36 AM IST
The Board for Reconstruction of Public Sector Enterprises BRPSE has recommended a Rs 950 crore package to nurse HMT Ltd back to health.
A revival package worth Rs 950 crore has been recommended by the board for the company, a BRPSE official said. The package is aimed at financial restructuring,upgrading technology,upgrading of plant and machinery and modernisation. The official said that the sick public sector unit would also garner about Rs 400 crore from sale of its surplus land. HMT Ltd,which is under the Department of Heavy Industries,has been engaged in the business of manufacturing tractors and watches. The BRPSE has also recommended enhancement of retirement age of the companys employees to 60 years from 58 years,presently, the official said.
Also,it suggested to the government revision and implementation of pay package as per the 2007 scale,the official said.
The retirement age of employees of a sick PSU is 58 years and most of them get salary as per the 1992 scale,whereas their counterparts in healthy PSU get pay and allowances on 2007 scale.
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