2900 workers to be laid off by Karnataka’s Hindustan Machine Tools(HMT)

Bengaluru: The woes for Karnataka’s HMT (previously known as Hindustan Machine Tools) seem to continue. The HMT Group Chairman has now stated that 2900 staff from the company will be laid off. The 2900 of the 4500 strong workforce will be offered a Voluntary Retirement Scheme (VRS), he added.

Following Narendra Modi’s Make in India policy, HMT International, HMT Machine Tools and HMT Holding Co. will be merged as one. The central government had decided in December 2014 that three subsidiaries running under loss will be shut down and the remaining two will be made into one unit. The employees laid off will reportedly be given a hefty VRS.

PS Chandrasekhar, president of the HMT Head Office Employees Association, has alleged that the government has not paid them salaries for the last 17 months and is also not offering the employees VRS.

Posted by on September 3, 2015. Filed under Economy, Regional, State. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.