The Hindu : BPCL proposes VRS

Online edition of India's National Newspaper
Friday, Jul 05, 2002

Business

Business

BPCL proposes VRS

NEW DELHI JULY 4. Bharat Petroleum Corporation Ltd. (BPCL) has proposed a voluntary retirement scheme (VRS) for its employees to shed excess flab saying a leaner organisation would attract better valuations at the time of disinvestment.

Under the VRS, employees would be offered an ex-gratia payment equivalent to one-and-a-half month's emoluments (pay plus dearness allowance) for each completed year of service or the monthly emolument at the time of retirement multiplied by the balance months of service left before normal date of retirement, whichever is less, the BPCL director (personnel), Narayanan, told PTI here.

These benefits would be apart from terminal benefits, he said adding the proposal had been submitted to the Ministry of Petroleum and Natural Gas for clearance.

After the Ministry's nod, the proposal would be put before the Union Cabinet for approval, he said. However, all those employees who have completed not less than 30 years of service, would be eligible for a maximum of 60 months of salary/wage as compensation. This would be subject to the amount, not exceeding the salary/wage for the balance period of service left.

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