HMT employees to get revised wages

The government today approved implementation of the 1997 pay scale along with increase in the retirement age from 58 to 60 for the employees of HMT Machine Tools Limited. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA). The government has made a provision of non-plan loan of Rs 61.04 crore at seven per cent interest per annum spread over two years (2014-15 and 2015-16) to bear the additional impact of implementation of 1997 pay revision.

Read the Economic Times news report here.