Eight sick PSUs not paid wages to staff since Oct 2012: Patel
Eight sick Public Sector Units (PSUs), including HMT Watches and Hindustan Cables Ltd, have not paid salaries to their employees since October 2012, Parliament was informed today.
New Delhi: Eight sick Public Sector Units (PSUs), including HMT Watches and Hindustan Cables Ltd, have not paid salaries to their employees since October 2012, Parliament was informed today.
"Eight PSUs, under the administrative control of the Department, have not made payment of salaries to their employees, since October 2012," Minister of Heavy Industries and Public Enterprises Praful Patel said in a written reply in the Lok Sabha.
These state-owned units are HMT Watches, HMT Chinar Watches, HMT Bearings, Triveni Structurals, Tungabhadra Steel Products, NEPA, Hindustan Cables Ltd and Hindustan Photo Films Manufacturing.
"These PSUs are sick/loss-making companies and are not been able to make payment of salaries to their employees as they are not in a position to generate funds to meet the requirement," Patel said.
The government has been providing financial assistance as non-plan loans to such PSUs from time-to-time to make payment of outstanding salaries to their employees.
"Non-plan loans amounting to Rs 81.92 crore have been sanctioned to eight PSUs in March 2013 for payment of outstanding salary of their employees from April 1, 2012 to September 30, 2012," Patel said.
Replying to another query, he said, the cumulative production of PSUs, under the Department of Heavy Industries, during 2012-13 has been to the tune of Rs 56,506 crore against Rs 56,009 crore in the previous year.
The mechanism for monthly reports and periodic review meetings for regular monitoring of performance of PSUs, under the department, is in place.