BPCL offers VRS to employees above 45 years of age

BPCL offers VRS to employees above 45 years of age

Bharat Petroleum Corporation Ltd (BPCL) has brought in a Voluntary Retirement Scheme (VRS) for its employees ahead of the government’s privatization plans.


The VRS scheme was opened from 23rd July, 2020 and is expected to close by 13th August, 2020. All employees who are above 45 years will be eligible for the scheme.


"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," the company said in an internal notice to its employees.


“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 date of retirement on superannuation, whichever is less," it stated.


BPCL which is amongst India’s largest oil refiners and fuel retailers, has nearly 20,000 employees on its rolls.


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