March 8, 2002

    For eight sick subsidiaries of the National Textile Corporation, the Board for Industrial and Financial Reconstruction (BIFR) is considering a rehabilitation package consisting of modernization of viable mills and offering an attractive voluntary retirement scheme to the employees. As a part of the package, most labour unions have entered into Memoranda of Understanding (MoU) with the management, agreeing for a moratorium on demands for wage revision during the implementation period of rehabilitation scheme.

    Wage revisions in the textile industry including those in sick textile mills are carried out as per tripartite agreement on region-cum-industry basis.

    This was stated by the Minister of State for Textiles, Shri Kashiram Rana in a written reply in the Lok Sabha today.