BPCL company in India distributes 22 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 256 aviation fuel stations in India.
BPCL has recored turnover of 284,382.95 Crores Rs during 2019-2020 and 337,622.53 Crores Rs during 2018-2019 and 277,270.54 Crores Rs during 2017-2018
BPCL has reported net profit 2,683.19 Crores Rs during the years 2019- 2020 and 7,976.30 Crores Rs during the year 2018-2019 and 8,039.30 Crores Rs during the year 2017- 2018
“The Corporation has decided to offer a Voluntary Retirement Scheme (VRS), with a view to enable employees, who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation,” Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
The ‘Bharat Petroleum Voluntary Retirement Scheme – 2020 (BPVRS-2020)’ opened on July 23 and will close on August 13.
A senior company official said the VRS has been brought to offer an exit option for any employee or officer who does not want to work under a private management.
“Some employees feel their role, position or place of posting may change once BPCL is privatised. So this scheme offers them an exit option,” he said.
BPCL, where the government is selling its entire 52.98 per cent stake, has about 20,000 employees.
The official said 5 to 10 per cent of employees are expected to opt for VRS. Expressions of Interest (EoI) for buying BPCL are due on July 31.
All employees who have completed 45 years of age will be eligible for the scheme, according to the VRS notice accessed by PTI.
It, however, excludes active sportspersons (employees recruited as sportsperson who are yet to be deployed in mainstream) and board level executives.
“Employees opting for VRS would be eligible to receive a compensation payment equivalent to two months’ salary for each completed year of service or the monthly salary at the time of voluntary retirement multiplied by the balance months of service left before normal data of retirement on superannuation, whichever is less,” it said.
Repatriation expenses, as payable in case of retirement, will also be paid. Employees who opt for voluntary retirement will be eligible for medical benefits under Post Retirement Medical Benefit Scheme.
Also, they would be eligible for encashment of leaves including casual, earned and privilege leaves.
While those opting for VRS will neither be eligible for employment in company’s joint ventures nor be engaged as retainers/consultants/advisors, any persons facing disciplinary action will not be eligible for the scheme, the notice said.