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MVRS offered to workers of unviable NTC mills

16
May '07
As per the Modified Rehabilitation Scheme approved by the Board for Industrial and Financial Reconstruction (BIFR) and Group of Ministers (GOM), it has been decided to close down 12 non functional mills out of the 30 mills to be revived through Joint Venture as there is no production activity in these mills and most of the employees have taken retirement under the Modified Voluntary Retirement Scheme (MVRS).

Two of these mills have been closed as per the decision and 10 mills are to be closed further. MVRS has been offered to the remaining employees of these mills also.

Government has offered a liberal Modified Voluntary Retirement Scheme (MVRS) to safeguard the interests of workers affected by the closure of unviable mills of NTC.

The scheme provided for increasing ex-gratia payment to the workers by 50% to 100% depending upon date of revision of wages.

Besides, Department of Public Enterprises (DPE) has formulated a scheme for counseling, re-training and re-deployment of employees of Public Sector and NTC employees are exposed to such programmes.

The existing liabilities of closed mills are dealt by NTC for their disposal.

This was stated by the Minister of State for Textiles, Shri E.V.K.S. Elangovan in a reply to a question by Shri Sugrib Singh and shri M.P. Veerendrakumar in the Lok Sabha.

It was proposed to revive thirty mills through joint venture. However, as production had completely ceased in12 of these mills and most of the employees have taken MVRS, BIFR and GOM approved to revive the balance 18 mills through joint venture with majority stake to NTC, including development of India International Trade Tower at the land of one of these 18 mills, viz India United Mill No. 6, Mumbai.

Press Information Bureau Government of India


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