'VRS proposal in HMT firms awaiting CCEA nod'

'VRS proposal in HMT firms awaiting CCEA nod'

The Centre has prepared a voluntary retirement scheme for employees of HMT Watches, HMT Chinar Watches and HMT Bearings and waiting for the cabinet approval, said Minister of State for Heavy Industries and Public Enterprises G M Siddeshwara on Thursday.

“A VRS proposal for employees of HMT Watches Ltd, HMT Chinar Watches Ltd and HMT Bearings Ltd has also been prepared for approval of CCEA,” said the Minister in his written reply in the Rajya Sabha.

There are 17 HMT units in India and all the units are in operation and none of them are closed.

He also said a revival proposal has been approved by the CCEA for HMT Ltd in April last year and for HMT Machine Tools in February this year.

In a separate reply, the minister said state-run HMT Kalamassery (Kerala) has been directed to formulate a policy to enhance the age of retirement from 58 to 60 years.

“The company has been directed to formulate a policy to enhance the age of retirement from 58 to 60 years to the extent of 10 per cent of the employees retiring in any age as per the Cabinet note approved by the CCEA on February 28 this year,” he said.

He said that the company is currently a profit making unit of HMT Machine Tools Ltd.

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