A total of 78,569 employees of BSNL and 14,387 staffers of MTNL have opted for the voluntary retirement scheme (VRS) which closed on December 3, 2019.
The government has decided to give out ex-gratia payment for only 40 months
"On the VRS (voluntary retirement scheme), on January 31, 2020, it will be effective. Our goal is that people who have applied for VRS, their application should be considered and approved..." BSNL Chairman and Managing Director P K Purwar told reporters.
The scheme will be offered to employees of different departments, across its businesses of passenger and commercial vehicles, sources said
All India Unions and Associations of Bharat Sanchar Nigam Limited (AUAB) Convenor P Abhimanyu said the management is threatening employees with reduction in the retirement age to 58 years and far away postings if the employees don't opt for VRS
It’s time for the government to cut its losses
Reduction in the retirement age will automatically bring down the number of people eligible for VRS and hence save the government some cash
In a bid to speed up the process of closing down sick central public sector enterprises (CPSEs), Modi government has sweetened the package for employees opting for Voluntary Retirement Scheme (VRS) by giving them attractive compensation at 2007 notional pay scale.
Tata Motors, largest manufacturer in the Indian automotive industry, is planning a big organisational restructuring, according to sources. The company will launch VRS scheme for those employees who wouldn't be absorbed in the new management.
State Bank of India‘s (SBI) five associate banks will offer voluntary retirement schemes (VRS) for their employees before the date from which the merger will be effective. The date for the merger is yet to be notified.
Government today approved sale of surplus land of four pharmaceutical public sector undertakings to meet their outstanding liabilities, after which steps to close two units will be taken up.
Homegrown auto major Mahindra & Mahindra is restructuring its two-wheeler business after the division failed to meet its expectations and has given voluntary retirement scheme to 250 workers as part of the process.
High salary and interest costs have hurt MTNL. It plans to cut salary costs by coming up with a Voluntary Retirement Scheme (VRS), says NK Yadav, CMD, MTNL.
Moving closer to shutting down five ailing PSUs, the government today said it has submitted closure proposals related to four companies including three HMT units and Tungabhadra Steel to CCEA for approval.
One Rank One Pension will be effective from July 1, 2014, while the base year will be 2013. Pension will be revised every five years
Pharmaceutical firm Pfizer says no impact will be felt on product supply due to closure of the plant.
The firm‘s domestic business has been under pressure for a while now. In the third quarter, it posted a loss of over Rs 2,100 crore on a standalone basis.
The exercise will cost around Rs 30 crore and will have a payback of two years. The one time impact will be reflected in the company's Q2 results, it said.
The other big reform for BSNLs revival, which incurred about Rs 7,000 crore of losses in the last fiscal will be to allow it to monetise land banks.
"The industry as well as India is going through a rather protracted downturn. Therefore, there are lots of things out there to enable us, ensure our structure is suitable. Voluntary retirement scheme (VRS) allows those people to move on with our support," Tata Motors Managing Director Karl Slym told.
National carrier Air India has given a quiet burial to its much-talked about voluntary retirement scheme (VRS) owing to high attrition rate and government's disinclination to provide committed funds due to precarious state of the central finances, say sources.
The government is looking at allowing foreign airlines to invest in domestic carriers but there would be no change in FDI cap of 49%, Civil Aviation minister Ajit Singh said today.