Commerce Ministry Looking forward for Financial Support from FinMin for VRS scheme of MMTC

According to sources, the Commerce Ministry has been looking for the financial support from its finance counterpart, Ministry of Finance, in order to pay compensation to the employees of public sector trading firm MMTC (Metals & Minerals Trading Corporation of India) under its VRS (voluntary retirement scheme).

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

The company requires money to pay its employees who are opting for VRS; but MMTC is unable to pay the due amount due to its weak financial conditions, one of the sources said.

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

In July 2020, MMTC’s board had approved the VRS proposal for its employees.