ONGC extends deadline for early retirement scheme

Vol 8, PW 4 (19 May 04) News in Brief

ONGC has extended the closure date of its Voluntary Retirement Scheme 2004 by a month to 31st May.

The ongoing transfer of employees is the main reason for extending the VRS date, an ONGC official tells PETROWATCH. ONGC announced the extension in a three-line order from its Dehra Dun HQ on 5th May.

Only employees who are aged 40 and above with a minimum 15 years continuous employment at ONGC will be considered for the scheme. ONGC hopes to reduce its 40,000 workforce by 10%.

As compensation, ONGC will offer payment equal to 60 days salary for each completed year of service or a sum equal to the salary earned at the time of VRS multiplied by the balance months left of service before normal retirement, whichever is less. An earlier VRS scheme at ONGC last year met with a lukewarm response.

The present scheme was announced on 29th February and was supposed to end on 31st April 2004.