<p>The government has approved a financial package of approximately Rs 77 crore for state-run HMT Ltd and its subsidiary HMT Machine Tools Ltd to undertake payments of staff salaries, wages and other statutory dues.<br /><br /></p>.<p>The Cabinet Committee on Economic Affairs (CCEA) on Thursday extended budgetary support in the form of a non-Plan loan of Rs 27.06 crore for payment of salaries and statutory dues to the employees of HMT Limited for the period March-September 2013, according to a government statement. <br /><br />CCEA has also approved Rs 50.34 crore to HMT Machine Tools Limited for payment of statutory dues like provident fund and gratuity for the period September 2012 to March 2013. <br /><br />The decision to provide financial assistance to the two public sector units of central government was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) in New Delhi.<br /><br />According to the statement, this decision would mitigate hardships being faced by employees and also motivate them and help achieve the goal of revival and restructuring of the companies.<br /><br />HMT Limited and HMT Machine Tools Limited, a subsidiary of HMT Limited established in 1953, are public sector enterprises under the administrative control of the Department of Heavy Industry.<br /><br />The company had 1,439 people on its rolls as on October 31 last year.</p>
<p>The government has approved a financial package of approximately Rs 77 crore for state-run HMT Ltd and its subsidiary HMT Machine Tools Ltd to undertake payments of staff salaries, wages and other statutory dues.<br /><br /></p>.<p>The Cabinet Committee on Economic Affairs (CCEA) on Thursday extended budgetary support in the form of a non-Plan loan of Rs 27.06 crore for payment of salaries and statutory dues to the employees of HMT Limited for the period March-September 2013, according to a government statement. <br /><br />CCEA has also approved Rs 50.34 crore to HMT Machine Tools Limited for payment of statutory dues like provident fund and gratuity for the period September 2012 to March 2013. <br /><br />The decision to provide financial assistance to the two public sector units of central government was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) in New Delhi.<br /><br />According to the statement, this decision would mitigate hardships being faced by employees and also motivate them and help achieve the goal of revival and restructuring of the companies.<br /><br />HMT Limited and HMT Machine Tools Limited, a subsidiary of HMT Limited established in 1953, are public sector enterprises under the administrative control of the Department of Heavy Industry.<br /><br />The company had 1,439 people on its rolls as on October 31 last year.</p>
