The privatization of Bharat Petroleum Corporation Limited has been creating quite a buzz this year!
Ahead of the privatization of the oil major, around 1,500 employees at BPCL went for the Voluntary Retirement Scheme (VRS) after the last date to withdraw applications ended on August 20, multiple sources who spoke to PSU Watch on the condition of anonymity said on August 22.
Read on to find out more…
Around 1800 BPCL Employees Opted For VRS!
The VRS offer document seen by PSU Watch said that BPCL had offered VRS to employees above the age of 45 years ‘with a view to enable employees, who are not in a position to continue in service of the Corporation due to various personal reasons’.
The oil major of India has a workforce of 11, 894.
The company also claimed that they received a total of 1804 applications for VRS.
The application process started on July 23 and closed on August 13.
What Is The Compensation of VRS?
The VRS document says that the employees will be eligible for a notice pay of 30 days, if the due notice is not given.
The BPCL employees seeking VRS will
- Will receive a compensation payment equivalent to 2 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 date of retirement on superannuation, whichever is less.
- Will receive payment for any repatriation expenses, in case of retirement.
- Will be eligible for medical benefits under Post Retirement Medical Benefits Scheme, if they are not employed elsewhere.
- Will be paid a Provident Fund, gratuity, and benefits under Group Saving Linked Insurance Scheme as per rules.
However, those opting for VRS will not be eligible for Monthly Ex gratia payment under the ‘Monthly Ex-Gratia Scheme’ (MEGS), as well as Scheme for Felicitation of retired employees.