1300 Bharat Petroleum Employees Opted For VRS In Last 12 Months; Rs 778 Crore Spent
As many as 1300 applications have been accepted by the Voluntary Retirement Scheme (VRS) implemented by Bharat Petroleum Corporation Limited (BPCL).
This is the highest among previous such schemes ever introduced.
The government is planning to sell its total 52.98 percent stake from BPCL.
1300 Applications For VRS Received By BPCL
As per BPCL’s annual report, 243 applications from the total 1300 applications are from officers and 1057 are from workmen.
BPCL chairman Arun Kumar Singh has said, “Your company successfully implemented the Voluntary Retirement Scheme in the year 2020-21, with the objective to right-size the organisation and reduce redundancies while retaining the requisite talent.”
As revealed by a senior company official, this scheme has been introduced by BPCL 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.
Rs. 778.83 crores has been charged to the Employee Benefits Expense towards VRS compensation. The company has also offered up to 2% of BPCL’s shares at a discount to eligible employees, as confirmed by Singh.
The total number of permanent employees at BPCL is 9251 as of March 31, 2021.
BPCL’s VRS Scheme: Eligibility, Benefits, All You Need To Know!
As we reported earlier, 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.