Lawstreet Journal

VRS offered to BPCL employees ahead of privatization

Lawstreet Journal 28 Jul 2020 7:29pm

Image courtesy: Lawstreet Journal Business VRS offered to BPCL employees ahead of privatization

BPCL, state-owned, has offered a voluntary retirement scheme (VRS) to its employees before the government privatizes the country's third-biggest oil refiner and second-largest fuel retailer.

It is the corporation’s decision to offer a Voluntary Retirement Scheme (VRS), with the purpose of enabling employees, who cannot continue the service in the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation, as stated in an internal notice to the employees issued by Bharat Petroleum Corp Ltd (BPCL).

The ‘Bharat Petroleum Voluntary Retirement Scheme - 2020 (BPVRS-2020)’ was opened on 23rd July and will be closed on 13th August.

The VRS will offer an exit option to any employee or officer who dies not wish to work under a private management.

A senior company official said that the employees may feel that their role, position, or place of posting will change once BPCL is privatized. So this scheme comes as an exit option for them.

The government is selling its entire 52.98% stake in BPCL. It has about 20,000 employees.

The official added, it is expected that 5 to 10% of the employees will opt for VRS.

Expressions of Interest (EoI) for buying BPCL are due on 31st July.

As per the VRS notice accessed by PTI, the employees who are above the age of 45 years will be eligible for the scheme.

Active sportspersons (employees recruited as sportspersons and are yet to be deployed in the mainstream) and board-level executives are excluded from the scheme. 

The employees who opt for VRS will… Continue Reading...

Tagged: Bharat Petroleum  
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