Bharat Petroleum Rolls Out VRS For All Employees Above 45 Years; Anyone Not Accepting Privatization Can Quit

Bharat Petroleum has announced that its employees will be able to opt for a voluntary retirement scheme.

This announcement comes just days ahead of the privatization of the state owned oil and gas company.

Bharat Petroleum To Offer VRS To Employees Who Are Against Privatization

India’s third largest oil refiner and second-largest fuel retailer, Bharat Petroleum Corp Ltd (BPCL), has issued an internal statement regarding the VRS option for its employees. 

The BPCL has offered this VRS scheme for its employees “with a view to enable employees, who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation.”

As revealed by a senior company official, this scheme has been introduced as an option to the employees who do not want to work with a privately run company. He said that some employees are of the opinion that their role, position or place of posting might be affected by the privatization of BPCL.

As per the official, 5 to 10 percent of the employees will be going for the VRS. the total number of employees at BPCL stands at 20,000.

Employees of the BPCL haven’t been in favor of this decision of the company being managed by private players. On November 28, 2020, about 12000 employees of BPCL had also arranged a strike against this decision of BPCL.

The government is planning to sell its total 52.98 percent stake from BPCL.

BPCL’s VRS Scheme: Eligibility, Benefits, All You Need To Know!

There are a few criteria for the employees to qualify for the VRS: The employees must have completed 45 years of age. Also, the scheme does not include board-level executives or active sportspersons (employees recruited as sportspersons who are yet to be deployed in the mainstream). Also, any employee who is facing disciplinary action will not be eligible for VRS.

As per reports, the employees who choose the VRS will be given compensation payment, “equivalent to two months’ salary for each completed year of service or the monthly salary at the time of voluntary retirement multiplied by the balance months of service left before normal data of retirement on superannuation, whichever is less.”

They will also be allowed to encash their casual, earned and privilege leaves.

They will also be paid Repatriation expenses, which is payable in case of retirement, and will also be able to enjoy medical benefits under Post Retirement Medical Benefit Scheme. 

They won’t be eligible for employment in the joint ventures of the company. They will also not be allowed to work as retainers/consultants/advisors.