Mahanagar Telecom Nagar Ltd(MTNL) has
asked for full financial support for offering voluntary retirement scheme (VRS)
to its employees from Govt of India. "The expected outgo of fund for supporting
VRS of about 19,000 employees will be Rs 3,610 crore," Minister of State for IT
& Communications Milind Deora said in a written reply to the Rajya Sabha.
MTNL has submitted a proposal, duly approved by its board seeking 100% financial
support from the government for bringing out cadre-specific VRS for MTNL
employees, he added. As per fiscal year 2009-10, the company's manpower stood at
44,910 employees. Recently, MTNL reported loss to Rs 850 crore for the first
quarter ended June 30, 2011, mainly on account of expenditure on staff cost and
retirement benefits. The company had a loss of Rs 451.4 crore in the April-June
quarter last year.
MTNL VRS Scheme for Employees: The proposed VRS package includes compensation equivalent to 60 days salary (Basic Pay + DA) for each completed year of service or salary (Basic Pay + DA) for remaining period of service whichever is less subject to over all ceiling of 60 months salary. MTNL has been requested to explore the possibility of raising funds from banks/ market and submit its specific request for government guarantee or letter of credit etc, keeping in view the Department of Public Enterprises (DPE) guidelines, Deora said.
MTNL VRS Scheme for Employees: The proposed VRS package includes compensation equivalent to 60 days salary (Basic Pay + DA) for each completed year of service or salary (Basic Pay + DA) for remaining period of service whichever is less subject to over all ceiling of 60 months salary. MTNL has been requested to explore the possibility of raising funds from banks/ market and submit its specific request for government guarantee or letter of credit etc, keeping in view the Department of Public Enterprises (DPE) guidelines, Deora said.
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