BPCL brought VRS scheme for employees before privatization, the deadline is till 13 August

Bharat Petroleum Voluntary Retirement Scheme - 2020: Bharat Petroleum VRS Scheme-2020 (BPVRS-2020) is open on 23 July. It will close on 13 August. VRS is brought to the exit of those employees who do not want to work under private management.

New Delhi (Natural Energy News): Public sector company Bharat Petroleum Corporation Ltd. (BPCL) has brought a 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. BPCL said in an internal notice sent to its employees, the company has decided to offer VRS. This scheme is for those employees who are not in a position to continue services in the company due to various personal reasons. Those employees can apply for VRS.

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VRS to close on August 13

Bharat Petroleum VRS Scheme-2020 (BPVRS-2020) is open on 23 July. It will close on 13 August. A senior company official said that VRS has been brought out to give an option to those employees who do not want to work under private management. He said some employees feel that after the privatization of BPCL their role, position or location may change. This scheme gives them the option to exit.

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The government is selling its entire 52.98 per cent stake in BPCL. The number of employees in the company is 20,000. The official said that five to 10 percent of the employees can opt for VRS. Letter of Interest (LOE) for the acquisition of BPCL can be given by 31 July.

Who are the characters of VRS

According to the VRS notice, 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.

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The 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 in this. Apart from this, they will also get the expenses of leaving the company at the time of retirement.

Employees taking VRS will get medical benefits under the post-retirement medical benefits 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.

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BPCL has four refineries in the country, with a total capacity of 3.83 million tonnes. The company has 15,177 petrol pumps and 6,011 LPG distributor agencies. The government hopes to get about 60 thousand crores from this disinvestment. Buyers acquiring BPCL will get 14 per cent crude oil refining capacity and 25 per cent of the fuel marketing infrastructure of the country.