Telecom operator BSNL has announced all employees above the age of 50 will be eligible for retirement and they will be giving out lumpsum packages to those who opt for it.
According to reports, out of the 1.6 lakh of total employees, almost 80,000 above the age of 50 have opted for this scheme in just over two weeks of being rolled out. The scheme is open till December 3 and more employees are expected to opt in because of the generous payout package.
While the current age of retirement for BSNL employees is 60 years, those aged 55 years will be entitled to a lumpsum payment of 60 months (remaining five years of service) of their present salary under the VRS scheme.
This indicates that each employee opting for the scheme will retire as a millionaire. The BT report indicated that BSNL’s monthly salary budget is approximately Rs 1,200 crore and each employee, especially experienced individuals, is expected to get a minimum salary of Rs 75,000 per month.
Meanwhile, employees aged 50 years opting for the scheme are likely to get a Rs 90 lakh retirement package, assuming that they are earning around Rs 75,000. This is because the employees would be left with 10 years (120 months) of service and they would get remuneration for the entire period. Likewise, an employee aged 59 years would get about Rs nine lakh on opting for VRS.
Apart from that, the BT report indicates that retiring employees will also be eligible for receiving gratuity, paid leave and monthly pension after they cross 60 years of age.
A BSNL source said that the salariesof the retiring employees will be protected and they will get full salaries as per the cabinet’s decision.