About Half Of BSNL Employees Opt For VRS Scheme In Less Than Two Weeks

About 75,000 employees of Bharat Sanchar Nigam Ltd (BSNL) have opted for the VRS scheme so far, which was rolled out by state-owned telecom company on 4th November. Chairman and Managing Director PK Purwar told news agency Press Trust of India that the number of VRS optees have reached 75,000.

About one lakh BSNL employees are eligible for the Voluntary Retirement Scheme (VRS), which ends on December 3, out of its total staff strength of about 1.50 lakh. Under the VRS scheme, the effective date of voluntary retirement is January 31, 2020.

BSNL is looking at savings of about Rs. 7,000 crore in wage bill, if 70,000-80,000 personnel opt for the scheme.

According to the present VRS scheme rolled out by BSNL, all regular and permanent employees of BSNL including those on deputation to other organisations or posted outside the corporation on deputation basis, who attended the age of 50 years or above are eligible to seek voluntary retirement under the scheme.

The amount of ex-gratia for any eligible employee will be equal to 35 days salary for each completed year of service and 25 days salary for every year of service left until superannuation.

Another state-owned telecom company MTNL has rolled out a VRS for its employees. The scheme will also be open for employees till December 3, 2019.

MTNL will be merged with BSNL, according to a rescue package announced by the government last month.

The rescue package also includes infusion of Rs. 20,140 crore for purchase of 4G spectrum, Rs. 3,674 crore for GST to be paid on spectrum allocation, companies raising Rs. 15,000 crore in debt on the sovereign guarantee and government funding Rs. 17,160 crore VRS and another Rs. 12,768 crore towards retirement liability.

The two firms will also monetise assets worth Rs. 37,500 crore in the next three years.

State-run BSNL plans to issue sovereign bonds for raising Rs. 15,000 crore next month, Mr Purwar told news agency IANS earlier this week.―Livemint