Tag: VRS

Air India extends deadline to apply for voluntary retirement scheme to May 31

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Group-owned Air India on Monday, May 8, said it has extended the last date to apply for the voluntary retirement scheme (VRS) for its non-flying staff from April 30 to May 31, 2023.

“Please note that the last date to apply for Voluntary Retirement in terms of the above Organizational Announcement for all the eligible employees has been extended till 31 May 2023. However, the acceptance of the application and the date of release will continue to be subject to management’s discretion,” a communication from Air India said.

The airline in March made a voluntary retirement offer for its non-flying staff, the second such offer by the Tata Group after taking control of the loss-making airline in January last year.

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The latest offer will be available for permanent general cadre officers who have attained the age of 40 years or above and completed a minimum of five years of continuous service at the airline. Also, clerical and unskilled categories of employees who completed a minimum of five years of continuous service will be eligible.

A total of around 2,100 employees will be eligible to avail of the latest voluntary retirement offer. Currently, the airline has a staff strength of about 11,000 people, including flying and non-flying staff.

In June 2022, Air India launched the first phase of the voluntary retirement offer. Then, both flying and non-flying staff were covered. At that time, around 4,200 employees were eligible and out of them, around 1,500 people opted for the offer.

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In September last year, Air India announced the transformation plan Vihaan.AI, which focuses on various goals to be achieved over a five-year period. The plan is aimed at putting Air India on a path of sustained growth, profitability, and market leadership.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Hero MotoCorp launches VRS to become ‘future-ready’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The country’s largest two-wheeler maker Hero MotoCorp Ltd on Wednesday, April 5, said it has launched a voluntary retirement scheme (VRS) for its staff.

Hero MotoCorp said it expects the VRS to improve efficiency within the company through a lean and more productive organisation.

“The VRS has been designed in line with the vision to make the organization agile and ‘future-ready’, consolidating roles and reducing layers to increase empowerment and agility,” the company said in an exchange filing.

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Applicable to all staff members, the VRS offers a generous package that includes — among other benefits — a one-time lump sum amount, variable pay, gifts, medical coverage, retention of the company car, relocation assistance, career support, etc, it said.

The general consumer sentiment is improving, as reflected in the sales performance in March. The constructive policies of the government and the social sector reforms have given a further boost to the demand scenario and the two-wheeler industry expects these factors to contribute towards a double-digit growth in this financial year, it added.

Last week, Hero MotoCorp reported a 15 percent rise in total sales at 5,19,342 units for March 2023 as compared to 4,50,154 units in the same month last year. Domestic sales last month were at 5,02,730 units as against 4,15,764 units in March 2022, a growth of 21 percent.

Exports were, however, lower at 16,612 units as against 34,390 units in the year-ago month. In 2022-23, the company sold 53,28,546 units as against 49,44,150 units in 2021-22, up 8 percent.

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Domestic sales in FY23 stood at 51,55,793 units as compared to 46,43,526 units in FY22, a growth of 11 percent. Exports were lower at 1,72,753 units as compared to 3,00,624 units in FY22.

Shares of Hero MotoCorp Ltd ended at Rs 2,431.90, down by Rs 0.65, or 0.027 percent on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Pfizer offers voluntary retirement scheme for field staff

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug firm Pfizer Ltd on Thursday offered a voluntary retirement scheme (VRS) for its field staff as part of expanding its digital capabilities and revamping its talent strategy.

Over the past few years, the company has been on a journey to reshape itself into a more growth-oriented and innovative biopharma company, Pfizer said in a regulatory filing.

The Mumbai-based company, which has a portfolio of over 150 products across 15 therapeutic areas, noted that its products are more specialty-oriented and that requires it to adopt newer go-to-market models.

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“Our established business will benefit from deeper market penetration across products and geographies. Digital disruptions have revolutionised how our customers and patients experience services and products. This has been further accelerated by the pandemic,” it noted.

It further said: “As such, we are now transforming the way we engage with customers. We are doing this by investing in enhanced customer experiences to support our breakthrough science.”

The company is expanding its digital capabilities and broadening healthcare professionals’ access to scientific and therapy-area expertise through new and enhanced platforms, tailored and enhanced content, on-demand support and real-time insights for a more personalised experience, it added.

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Towards this, the company’s talent strategy is evolving into a three-pronged approach that spans across acquiring talent with futuristic skills and a growth mindset, and at the same time, upskilling the current talent, Pfizer noted.

“As a part of this new look’ at our talent strategy, we have announced a Voluntary Retirement Scheme (VRS) to field colleagues this morning,” it stated. The announcement does not apply to colleagues supporting the Upjohn business (a division of the company), Pfizer noted.

The eligibility criteria of the VRS offer have been determined in line with the company’s value of equity to ensure a fair and transparent experience for all colleagues, it said without divulging the closing date of the scheme.

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“We will support all eligible colleagues through this process with dedicated helpdesks and career transition services,” the company stated. The financial impact of the VRS shall be communicated separately upon acceptance of the scheme by the eligible employees, Pfizer said.

“As we embark upon the next phase of our growth journey in India powered by our strong portfolio, enhanced customer experiences, new platforms and offerings, and a specialized workforce, we recognise the tremendous commitment and achievements of all our colleagues,” it noted.

As per its website, the drug firm employs 2,631 individuals in the country.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ashok Leyland announces voluntary retirement scheme for employees

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hinduja Group flagship Ashok Leyland said it has commenced a Voluntary Retirement Scheme (VRS) for its employees that will help to create a more cost effective and efficient organisational structure.

Its board of directors, at a meeting held on November 6, approved the scheme, Ashok Leyland said in a BSE filing. The scheme would be implemented over a period of nine months, the company said.

“The current landscape of the global pandemic provides scope for people to pursue flexible career opportunities and this will provide a window for the same,” said N V Balachandar – President HR, CSR and Communication.

“There have been many requests from our employees for early retirement, and this scheme provides them with a viable exit,” he said.

Last year, Ashok Leyland has come out with two schemes — a Voluntary Retirement Scheme and an Employee Separation Scheme (ESS). Under the ESS, compensation payable to an executive under ‘A’ category will be Rs 30 lakh or lower, while in the ‘B’ category, it will be Rs 60 lakh and above.

“An executive who opts for separation under ESS will be eligible for a lump sum compensation”, the company said. In addition to the compensation announced, the executives will be eligible for various terminal benefits, it said.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SBI moots VRS scheme to optimise costs, about 30,000 employees eligible

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a bid to optimise its costs, the State Bank of India (SBI) has planned a voluntary retirement scheme (VRS) under which about 30,190 employees are eligible. According to sources, a draft scheme for VRS has been prepared and board approval is awaited. The proposed scheme, ‘Second Innings Tap VRS-2020′, is aimed at optimising human resources and costs of the bank.

The scheme will open on December 1 and will remain open till the end of February, it said, adding that applications for VRS will be accepted during this period only.

The total net savings for the bank would be Rs 1,662.86 crore if 30 percent of eligible employees opt for retirement under the scheme, as per estimates based on July 2020 salary.

“The staff member whose request for retirement under VRS is accepted will be paid an ex-gratia amounting 50 percent of salary for the residual period of service (up to the date of superannuation), subject to a maximum of 18 months’ last drawn salary,” it said.

Other benefits like gratuity, pension, provident and medical benefits will be given to employees seeking VRS.

A staff member retired under the scheme will be eligible for engagement or re-employment in the bank after a cooling-off period of two years from the date of retirement.

Ahead of amalgamation of SBI’s five associates with it in 2017, the merging subsidiaries had announced VRS for their employees.

In 2001 also the bank had announced VRS with the objective to optimise human resources. However, the proposed VRS scheme is not finding favour with bank unions.

Such a move at a time when the country is in the grip of COVID-19 pandemic reflects anti-worker attitude of management, National Organisation of Bank Workers Vice President Ashwani Rana said.

Senior Congress leader, P Chidambaram, criticised this scheme and pushed it off as a cruel step, while the economy is collapsing, and jobs are scarce because of the pandemic.

However, according to an SBI spokesperson, the bank has been employee-friendly and is expanding its operations and requires people, which is evidenced by the fact that the bank has plans of recruiting more than 14,000 employees this year.

In this backdrop, it was thought to provide an amicable solution to employees who expressed a desire for making a strategic shift in their vocations, either due to professional growth limitations, mobility issues, physical health conditions or family situations, added SBI spokesperson.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BPCL offers VRS to employees ahead of privatisation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-owned BPCL has brought a voluntary retirement scheme for its employees ahead of the government privatising the country’s third-biggest oil refiner and second-largest fuel retailer.

“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 the 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 the Post Retirement Medical Benefits 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.

BPCL will give buyers ready access to 15.3 percent of India’s oil refining capacity and 22 percent of the fuel market share in the world’s fastest-growing energy market.

BPCL has a market capitalisation of about Rs 97,247 crore and the government stake at current prices is worth over Rs 51,500 crore. The successful bidder will also have to make an open offer to other shareholders for acquiring another 26 per cent at the acquisition price.

Privatisation of BPCL is essential for meeting the record Rs 2.1 lakh crore target the finance minister has set from disinvestment proceeds in the budget for 2020-21.

BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh), and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15.3 per cent of India’s total refining capacity of 249.8 million tonnes.

While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity. BPCL also owns about 16,309 petrol pumps and 6,113 LPG (liquefied petroleum gas) distributor agencies in the country. Besides, it has 51 LPG bottling plants.

The company 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. The government has appointed Deloitte Touche Tohmatsu India LLP as its transaction advisor for the strategic disinvestment process.

The government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising of 114.91 crore equity shares, which constitutes 52.98 per cent of BPCL’s equity share capital, along with transfer of management control to a strategic buyer (except BPCL’s equity shareholding of 61.65 per cent in Numaligarh Refinery Ltd), the notice inviting offer said.

The bidding will be a two-stage affair, with qualified bidders in the first EoI phase being asked to make a financial bid in the second round.

Public sector undertakings (PSUs)  are not eligible to participate in the privatisation, the offer document said.

Any private company having a net worth of USD 10 billion is eligible for bidding and a consortium of not more than four firms will be allowed to bid, it said.

According to the bidding criteria, the lead member of the consortium must hold 40 per cent stake and others must have a minimum net worth of USD 1 billion. Changes in the consortium are allowed within 45 days, but the lead member cannot be changed, it added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BSNL chief says properties worth over Rs 20,000 crore identified for monetisation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-owned Bharat Sanchar Nigam Ltd has submitted details of 14 properties worth Rs 20,160 crore to the Department of Investment and Public Asset Management (DIPAM) as part of the telecom corporations’ ambitious asset monetisation plans, according to its chairman.

Meanwhile, a government source told PTI that the Ministry of Skill Development is looking for a land parcel and the Department of Telecom (DoT) has offered BSNL land in Ghaziabad to the ministry. The estimated value of that land is Rs 2,000 crore.

When contacted, BSNL chairman and managing director PK Purwar said, “The corporation is making all out efforts to monetise its assets and has identified 14 assets worth over Rs 20,000 crore through the DIPAM route”.

Purwar said these land parcels are spread across India in locations like Mumbai, Thiruvananthapuram, Chennai, Ghaziabad and other places.

In October last year, the government had approved a Rs 69,000 crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and giving VRS to employees so that the combined entity turns profitable in two years.

The Union Cabinet headed by Prime Minister Narendra Modi had approved a plan to combine Mahanagar Telephone Nigam Ltd (MTNL)—which provides services in Mumbai and New Delhi—with Bharat Sanchar Nigam Ltd (BSNL) that services the rest of the nation.

Over the last few weeks, both the companies have launched their VRS plans and thousands of employees of BSNL and MTNL have opted for voluntary retirement. The scheme will help reduce BSNL’s wage bill by 50 percent and MTNL’s by 75 percent.

The two firms will also monetise assets worth thousands of crores in the next three years.

MTNL has reported losses in nine of the past 10 years and BSNL too has been in the red since 2010.

BSNL has initiated discussions with the Central Board of Secondary Education (CBSE) for sale of specific land parcels. Moreover, the DoT has also sounded out the Ministry of Finance about BSNL’s plans to issue sovereign guarantee bonds. These could be floated as early as February, once the requisite approvals come in.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BSNL discusses business continuity plans with DoT amid VRS rollout

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With the current voluntary retirement scheme (VRS) plan expected to cut BSNL’s staff by almost half, the Department of Telecom (DoT) has instructed the corporation to put in place measures to ensure business continuity and smooth transition, particularly for manning telephone exchanges in rural areas.

At present, various options are being discussed for the transition period.

A source in DoT told PTI that the matter requires urgent focus, and meetings are on to find a solution to ensure there is no impact on day-to-day manning of exchanges and other operations, once the VRS plan concludes.

On Friday evening, barely four days after the scheme was rolled out, the number of BSNL employees opting for VRS had swelled to 57,000, and the figures when combined with those of state-owned MTNL had exceed 60,000.

In all, nearly one lakh BSNL employees are eligible for the VRS out of its total staff strength of about 1.50 lakh. BSNL’s internal target for VRS is pegged at 77,000 employees, which essentially means that if the VRS reaches full target, the staff strength will come down by half. The effective date of voluntary retirement under the present scheme is January 31, 2020.

When contacted, BSNL chairman and managing director PK Purwar confirmed that discussions have been initiated on the issue and said the corporation is planning business re-engineering and business continuity.

“We have to work meticulously because we have now started taking the data, which SSA, which unit, how many people are taking VRS….We will still be left with about 80,000 people. So, the numbers are not less…but it will be almost half. The work culture will also have to change,” Purwar said.

The DoT source said that even outsourcing certain operations will require time, including transition period of 2-3 months after finalisation of tender, and given that the VRS will come into effect from January, a solution will have to be arrived at soon.

Several options are on the discussion table, the source said one such solution being debated is whether some of the personnel opting for VRS can be roped in as consultants at a lower cost.

The other options include tendering or outsourcing some of the work or roping in retired officers of the telecom department who are already familiar with the tasks. BSNL will have to choose which option it wants to go with, the source said.

The ‘BSNL Voluntary Retirement Scheme – 2019’ that was rolled out last week, will remain open till December 3. 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 scheme all regular and permanent employees of BSNL including those on deputation to other organisations or posted outside the corporation on deputation basis, who attained 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.

Mahanagar Telephone Nigam Ltd (MTNL) too has rolled out a VRS for its employees. The scheme, based on Gujarat Model, will be open for employees till December 3, 2019.

The Union Cabinet last month had approved the plan to combine MTNL — which provides services in Mumbai and New Delhi — with BSNL that services the rest of the nation.

The rescue package approved by the government includes infusion of Rs 20,140 crore for purchase of 4G spectrum, Rs 3,674 crore for goods and services tax [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. MTNL has reported losses in nine of the past 10 years and BSNL too has been ringing in losses since 2010. The total debt on both the companies stood at Rs 40,000 crore, of which half of the liability is on MTNL alone.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BSNL rolls out VRS scheme; expects 70,000-80,000 employees to avail it

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Within days of government approving a relief package for the ailing corporation, state-owned BSNL has rolled out a voluntary retirement scheme for its employees and said it expects 70,000-80,000 personnel to opt for it leading to savings of about Rs 7,000 crore in the wage bill.

BSNL Chairman and Managing Director P K Purwar told PTI that the scheme will be open between November 4 and December 3 and that instructions have already been given to field units to inform employees about the VRS offering.
In all, nearly one lakh BSNL employees are eligible for the VRS out of its total staff strength of 1.50 lakh.

“This is the best VRS given by the government and BSNL employees should see it in a positive frame of mind,” Purwar said. He said the corporation expects 70,000-80,000 employees to opt for the scheme, and added that saving in wage bill is expected to be about Rs 7,000 crore with those numbers.

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According to the ‘BSNL Voluntary Retirement Scheme – 2019’ all regular and permanent employees of BSNL including those on deputation to other organisation or posted outside BSNL on a deputation basis, who attained 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.

Mahanagar Telephone Nigam Ltd (MTNL) too has rolled out a VRS for its employees. The scheme, based on the Gujarat Model of VRS, will be open for employees till December 3, 2019.

In a notice issued by MTNL to employees recently, it mentioned that “all regular and permanent employees of 50 years and above as on January 31, 2020” are eligible to opt for the scheme.

The government last month had approved a plum Rs 69,000 crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and giving VRS to employees so that the combined entity turns profitable in two years.

The Union Cabinet has approved the plan to combine MTNL – which provides services in Mumbai and New Delhi – with Bharat Sanchar Nigam Ltd (BSNL) that services the rest of the nation.

The rescue package approved 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 proceeds of the sovereign bonds issue will be to restructure debt and meet other expenses. The bond will have to be serviced by the PSUs only. The two firms will also monetise assets worth Rs 37,500 crore in the next three years.

MTNL has reported losses in nine of the past 10 years and BSNL too has been ringing in a loss since 2010. The total debt on both the companies stood at Rs 40,000 crore, of which half of the liability is on MTNL alone.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow