Over 60,000 employees have applied for Voluntary Retirement Scheme (VRS) in BSNL and MTNL, telecom secretary Anshu Prakash revealed on Friday (8 November). Out of this, a little over 57,000 employees are from BSNL and around 3,000 from MTNL, Prakash said on the sidelines of a Department of Telecom (DoT) event.
He said the VRS is very attractively designed and has received unprecedented response from the employees. The government's overall target stood at 94,000 from both the PSUs, he said.
Last month the government had approved a plum Rs 69,000 crore revival package for BSNL and MTNL that includes merging of the two loss-making firms, monetising their assets and offering VRS to employees so that the combined entity turns profitable in two years.
In all, nearly one lakh BSNL employees are eligible to apply for VRS out of its total staff strength of 1.76 lakh. Of the total, some 1.06 lakh are over 50 years of age. The telecom sector behemoth is keen that 80 per cent of the employees should opt for VRS. The scheme will be open till December 3.
Employees above the age of 53.5 years will get 125 per cent of their salary, which they could have earned in the balance period of their service. Employees in the age bracket of 50 to 53.5 years opting for VRS will get benefit in the range of 80 to 100 per cent of the remuneration to be paid in the balance period of their service.
For employees over 55 years of age opting for VRS, the pension will be commuted only when they attain 60 years of age (the current retirement age).
(With inputs from IANS.)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 999/year is the best way you can support our efforts.