TELEGRAPH

Employees at work at the Sikkim Jewels Limited factory in Gangtok on Friday. Picture by Prabin Khaling

Gangtok, March 11: The Sikkim government has decided to wind up Sikkim Time Corporation, Sikkim Jewels Limited and Sikkim Precision Industries Ltd after attempts to revive the three loss-making public sector undertakings through private participation failed.

Some 320 employees of the three units were offered the voluntary retirement scheme. But they rejected the scheme and wanted protection for their jobs.

State commerce and industries secretary M.G. Kiran said the decision to shut down the three PSUs had been taken by the cabinet on March 2.

“The decision was based on the recommendations of a committee formed to look into the health of the PSUs in the state. The three firms had plunged into losses as the market demand for the products manufactured by them was very low,” he said.

The Sikkim Time Corporation (Sitco) was set up at Deorali here in 1976 and was arguably the most visible unit with Bhaichung Bhutia being the brand ambassador for three years in the mid-90s. The company that produces Sitco watches has 110 employees. 

Regarding the fate of the employees in the three firms, Kiran said they would be given a golden handshake in the form of voluntary retirement with “all reasonable benefits”. Reacting to the closure decision, the employees said if the factories were wound up, they should be absorbed into other PSUs or departments of the state government. “Those who are on the verge of retirement may accept the golden handshake but others are not interested in the scheme. We have spent our youthful years with this company and are very worried about our future. We want the government to absorb us into other PSUs or departments of the state government. We are having sleepless nights as we have to take care of our family,” said Phurba Tamang, vice-president of the workers’ committee at Sikkim Jewels Ltd.

The workers said they hoped that chief minister Pawan Chamling would consider their demand.

The Sikkim Jewels Ltd is the second oldest PSU in the state. It was established at Tadong, Gangtok, in 1972 and is spread over 3.23 acres. The company manufactures industrial jewel bearings and water meters and supplies the products to Titan watches. Around 109 people are employed by the unit and 50 of them are women.

Sikkim Precision Industries Ltd manufactures industrial power devices and small industrial parts. It has 102 employees.