Over 60,000 BSNL, MTNL employees have opted for VRS so far: Telecom Secretary – Moneycontrol


Greater than 57,000 staff of BSNL have opted for VRS in the previous few days and the figures when mixed with that of state-owned MTNL exceed 60,000, Telecom Secretary Anshu Prakash mentioned on November 8.

The numbers of VRS optees have been steadily rising for the reason that plan was introduced earlier this week. On November Eight alone, the numbers for Bharat Sanchar Nigam Ltd (BSNL) climbed from 40,000 within the late afternoon to over 57,000 by night.

“General, for BSNL and MTNL mixed over 60,000 staff have opted for VRS to date. For BSNL alone, the quantity has crossed 57,000 staff,” Prakash advised reporters right here.

Prakash mentioned that the response was “unprecedented”, and that authorities’s total goal stood at 94,000.

The federal government final month had accepted a plum Rs 69,000 crore revival package deal for BSNL and MTNL that features merging the 2 loss-making corporations, monetising their property and providing VRS to staff in order that the mixed entity turns worthwhile in two years.

BSNL Chairman and Managing Director PK Purwar had advised reporters earlier on Friday that over 40,000 staff have already opted for the VRS plan. Inside hours, that determine had swelled to 57,000, as rising variety of staff made their decisions clear.

In all, practically one lakh BSNL staff are eligible for the VRS out of its complete employees power of 1.50 lakh. The scheme that was rolled out on November 5 will likely be open until December 3. BSNL is taking a look at financial savings of about Rs 7,000 crore in wage invoice, if 70,000-80,000 personnel go for the scheme.

  Over 60,000 BSNL, MTNL employees have opted for VRS so far: Telecom Secretary - ETTelecom.com

In accordance with ‘BSNL Voluntary Retirement Scheme – 2019’ all common and everlasting staff of BSNL together with these on deputation to different organisations or posted exterior BSNL on deputation foundation, who attended the age of 50 years or above are eligible to hunt voluntary retirement underneath the scheme.

The quantity of ex-gratia for any eligible worker will likely be equal to 35 days wage for every accomplished 12 months of service and 25 days wage for yearly of service left till superannuation.

Mahanagar Phone Nigam Ltd (MTNL) too has rolled out a VRS for its staff. The scheme, based mostly on Gujarat Mannequin of VRS, will likely be open for workers until December 3, 2019.

In a discover issued by MTNL to staff not too long ago, it talked about that “all common and everlasting staff of 50 years and above as on January 31, 2020” are eligible to go for the scheme.

The Union Cupboard final month accepted the plan to mix MTNL – which supplies providers in Mumbai and New Delhi – with BSNL that providers the remainder of the nation.

The rescue package deal accepted by the federal government consists of infusion of Rs 20,140 crore for buy of 4G spectrum, Rs 3,674 crore for GST to be paid on spectrum allocation, firms elevating Rs 15,000 crore in debt on the sovereign assure and authorities funding Rs 17,160 crore VRS and one other Rs 12,768 crore in direction of retirement legal responsibility.

The proceeds of the sovereign bonds situation will likely be to restructure debt and meet different bills. The bond must be serviced by the PSUs solely. The 2 corporations may also monetise property value Rs 37,500 crore within the subsequent three years.

  Out of 1 Lakh, 57,000 BSNL Employees Said to Have Opted Voluntary Retirement Scheme - TelecomTALK

MTNL has reported losses in 9 of the previous 10 years and BSNL too has been ringing in loss since 2010. The entire debt on each the businesses stood at Rs 40,000 crore, of which half of the legal responsibility is on MTNL alone.Get entry to India’s quickest rising monetary subscriptions service Moneycontrol Professional for as little as Rs 599 for first 12 months. Use the code “GETPRO”. Moneycontrol Professional presents you all the knowledge you want for wealth creation together with actionable funding concepts, impartial analysis and insights & evaluation For extra info, try the Moneycontrol web site or cellular app.

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