Commerce Ministry knocks on the door of FinMin; seeks financial support to pay employees of MMTC under VRS scheme

The Commerce Ministry has sought financial support from the Finance Ministry to pay compensation to the employees of public sector trading firm MMTC (Metals & Minerals Trading Corporation of India) under its VRS scheme, it is being said.

According to sources in the Commerce Ministry, which is the nodal ministry of MMTC, the ministry has sent a proposal regarding this to the Finance Ministry.

The company needs money to pay its employees who are opting for VRS (voluntary retirement scheme) but due to its weak financial conditions, MMTC is unable to pay the due amount, a source confided. The Commerce Ministry is hopeful that the Finance Ministry would consider the proposal positively, the sources said.

According to sources in the Commerce Ministry, which is the nodal ministry of MMTC, the ministry has sent a proposal regarding this to the Finance Ministry.

The company needs money to pay its employees who are opting for VRS (voluntary retirement scheme), and due to its weak financial conditions, MMTC is unable to pay the due amount, one of the sources said.

The Commerce ministry is hopeful that the Finance Ministry would consider the proposal positively, the sources said.

In July last year, the board of MMTC had approved the VRS proposal for its employees.