'Golden Handshake' for HPCL and BPCL employees

Vol 6, PW 3 (10 Apr 02) News in Brief

Both Hindustan and Bharat Petroleum have drawn up a voluntary retirement plan for employees ahead of the government's disinvestment.

HPCLs plan was approved by the board at a meeting in Delhi on 1st April and sentto Shastri Bhawan for approval. BPCL's plan was approved earlier.

Neither company is willing to share details before government approval but we understand both plans are similar and will be highly attractive. Preliminary information suggests that any employee over 45 who opts for voluntary retirement could get a one-time payment of Rs25 lakh ($52,083) plus Rs7, 000 per month and medical benefits till retirement.

HPCL has 11,800 employees, while BPCL employs 14,000.