Public sector company Bharat Petroleum Corporation Limited (BPCL) has offered a Voluntary Retirement Scheme (VRS) to its employees. The company has made such offers to its employees before privatization. It is noteworthy that the Central Government is working on a plan to privatize India’s third-largest oil refinery and the second-largest oil marketing company. BPCL has sent an internal notice to its employees saying, “The company has decided to offer VRS. This scheme is for such employees, who are not in a position to continue their service in the company due to different personal reasons. Such employees can apply for voluntary retirement. ”
Bharat Petroleum Voluntary Retirement Scheme-2020 (BPVRS-2020) opened on 23 July and the company will close on 13 August. According to a senior company official, through this scheme of voluntary retirement, there is an option to exit the company who is not willing to work under private management. “Some employees feel that there may be a change in their role, position, or location after the privatization of the company,” the official said. VRS scheme gives them the option to opt-out.
The government has decided to sell its entire 52.98 percent stake in BPCL. A Letter of Interest (EOI) for the acquisition of BPCL can be filed by 31 July.
BPCL has a staff strength of 20,000. The official said that 5 to 10 percent of the employees can opt for VRS option. As per the notice related to VRS available with PTI, employees who have completed 45 years of age are eligible for this scheme. However, active players ie players appointed in the company due to a game and board-level executives do not have the option to choose it. However, employees against whom any kind of disciplinary action is going on cannot avail of the benefit of this VRS scheme.