Commerce Ministry seeks financial support from FinMin for VRS scheme of MMTC

The Commerce Ministry has sought financial support from its finance counterpart to pay compensation to the employees of public sector trading firm MMTC Metals Minerals Trading Corporation of India under its VRS scheme, sources said.

The Commerce Ministry has sought financial support from its finance counterpart to pay compensation to the employees of public sector trading firm MMTC (Metals & Minerals Trading Corporation of India) under its VRS scheme, 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 ministry is hopeful that the Finance Ministry would consider the proposal positively, the sources said.

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