BPCL offers VRS to employees ahead of firm's privatisation
New Delhi: State-owned BPCL has brought a voluntary retirement scheme for its employees ahead of the government privatising the country's third biggest oil refiner and second-largest fuel retailer.
"The Corporation has decided to offer a Voluntary Retirement Scheme (VRS), 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," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
The 'Bharat Petroleum Voluntary Retirement Scheme - 2020 (BPVRS-2020)' opened on July 23 and will close on August 13.
A senior company official said the VRS has been brought to offer an exit option for any employee or officer who does not want to work under a private management.
"Some employees feel their role, position or place of posting may change once BPCL is privatised. So this scheme offers them an exit option," he said.
BPCL, where the government is selling its entire 52.98 per cent stake, has about 20,000 employees.
The official said 5 to 10 per cent of employees are expected to opt for VRS.
Expressions of Interest (EoI) for buying BPCL are due on July 31.
All employees who have completed 45 years of age will be eligible for the scheme, according to the VRS notice accessed by PTI.
It, however, excludes active sportspersons (employees recruited as sportsperson who are yet to be deployed in mainstream) and board level executives.
"Employees opting for VRS would be eligible to receive a 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," it said.
Repatriation expenses, as payable in case of retirement, will also be paid. Employees who opt for voluntary retirement will be eligible for medical benefits under Post Retirement Medical Benefit Scheme.