Payment of statutory dues, salary and wages in sick/loss making CPSEs under the Department of Heavy Industry

No: ----- Dated: Sep, 10 2014

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 the Prime Minister Shri Narendra Modi, today 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 eleven Central Public Sector Enterprises (CPSEs) under the Department of Heavy Industry.  These are:

 i.        Hindustan Cables Ltd., 

ii.        HMT Machine Tools Ltd.,

iii.        HMT (Watches) Ltd.,

iv.        HMT (Chinar Watches) Ltd.,

v.        Nagaland Pulp and Paper Co. Ltd.,

vi.        Triveni Structural Ltd.,

vii.        Tungbhadra Steel Products Ltd.,

viii.        Nepa Ltd.,

ix.        HMT Bearings Ltd.

x.        Hindustan Photo Films Limited

xi.        Heavy Engineering Corporation Ltd.

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.