Home Economic Times VRS To Employees Of BPCL Due To Ahead Of Privatisation

VRS To Employees Of BPCL Due To Ahead Of Privatisation

VRS To Employees Of BPCL Due To Ahead Of Privatisation

Bharat Petroleum Corporation (BPCL) with a week ahead of the closure of bid submission, BPCL has offered VRS to its employees. The Bharat Petroleum Corporation has introduced the ‘Bharat Petroleum Voluntary Retirement Scheme’ 2020 or BP VRS-2020 which is opened on 23rd July and will be closing on 13th August.

According to the sources, the voluntary retirement scheme or VRS has been offered to those who will not be able to continue to work in the company’s service due to their personal reasons.

According to the Voluntary Retirement Scheme employees, age above 45 years is eligible for this scheme. After postponing the deadline date twice, the last date for submitting the EoI for the 52.98 % BPCL stake is on 31st July. 

Employees opting for Voluntary Retirement Scheme would either get a compensation amount equal to their 2 month’s salary for each completed year of service or will get a monthly salary at the time of voluntary retirement doubled by the months of service left before retirement.

Further, compensation for any part-period served in a year will be worked out on a pro-rata basis and the salary drawn as on date of release shall be evaluated for the purpose. The government is very much sure that EoIs will sail through within time with several bidders joining the fray.

VRS To Employees Of BPCL Due To Ahead Of Privatization
Bharat Petroleum

Despite the interruption caused by the Coronavirus pandemic this process of receiving interest from several large global oil and gas firms is going well. It has generated around 100 inquiries with investors showing interest in the Maharatna oil PSU for the developments. 

Saudi Aramco, Abu Dhabi National Oil Co (Adnoc), Rosneft of Russia, and ExxonMobil plan to participate in the bidding. Indian oil majors are not far behind their global counterparts and are pursuing the prospects of bidding for BPCL. Oil-to-telecom major Reliance Industries is understood to have shown interest.

Article Written by Dikhya Mohanty

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