State-owned Bharat Petroleum Corp Ltd (BPCL) has brought a voluntary retirement scheme(VRS) for its employees before its privatization. The Indian government is thus privatizing the country’s third biggest oil refiner and second-largest fuel retailer.
The ‘Bharat Petroleum Voluntary Retirement Scheme – 2020 (BPVRS-2020)’ opened on July 23 and will close on August 13.
“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.
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.
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