new Delhi. Public sector company Bharat Petroleum Corporation Ltd. (BPCL) has brought voluntary retirement scheme (VRS) for its employees. The government is going to privatize the country's third largest oil refinery and the second largest petroleum marketing company. Prior to privatization, the company has offered VRS to its employees. In an internal notice sent to its employees, BPCL said, "The company has decided to offer VRS. The scheme is for employees who are not in a position to continue services in the company due to various personal reasons. Those employees can apply for VRS. "Bharat Petroleum VRS Scheme-2020 (BPVRS-2020) opens on 23 July. It will close on 13 August.
A senior company official said that VRS has been brought out to give exit option to employees who do not want to work under private management. He said, "Some employees feel that after privatization of BPCL there may be a change in their role, position or location. This scheme gives them the option to exit. "The government is selling its entire 52.98 percent stake in BPCL. The company has 20,000 employees. The official said that five to 10 percent of the employees can opt for VRS. The letter of interest (EOI) for the acquisition of BPCL can be given by 31 July. According to the VRS notice present with PTI, employees who have completed 45 years of age are eligible for this scheme.
However, active players i.e. players and board level executive appointed in the company due to a game cannot opt for this scheme. Employees opting for the scheme will get two months salary for each completed service year or monthly salary up to the time of VRS. The remaining months of service will be multiplied. Apart from this, he will also get the expenses of leaving the company at the time of retirement. Employees taking VRS will get medical benefits under post-retirement medical benefit scheme. Apart from this, employees will also be able to take payment in cash in lieu of their remaining leave such as casual, earned, privileges (CL, EL and PL). The notice states that the employee against whom any disciplinary action is going on, will not be able to take advantage of this scheme.
This post was published on July 26, 2020 3:13 pm
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