The Cabinet approved the revised guidelines of the Department of Public Enterprises on time-bound closure of sick or loss-making central public sector enterprises (CPSEs) and the disposal of movable and immovable assets.

As per the new guidelines, surplus land obtained from the closure of such firms would be prioritised to provide affordable housing.

“Since there are employees working in these CPSEs, government decided that closure should not cause hardship to them and has laid down a uniform policy to give workers VRS at 2007 notional pay scale irrespective of pay scale in which they are working,” said the Centre.