BSNL, MTNL release over Rs 10,000 crore for VRS employees
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BSNL, MTNL release over Rs 10,000 crore for VRS employees

State-run telecom companies BSNL and MTNL have launched over Rs 10,000 crore for employees who’ve opted for voluntary retirement scheme, in response to a press release. A whole of 78,569 employees of BSNL and 14,387 staffers of MTNL have opted for the voluntary retirement scheme (VRS) which closed on December 3, 2019.

“BSNL has launched Rs 4,100 crore exgratia fee on Friday and Rs 4,900 Crore for go away encashment on Monday.

Similarly, MTNL has additionally launched Rs 1050 Crore in the direction of fee of go away encashment, EPF, CPF and gratuity,” the communications ministry stated in a press release on Monday.

The authorities had in October accepted Rs 29,937 crore for the companies’ VRS (Rs 17,169 crore on account of ex-gratia on VRS and Rs 12,768 crore as a result of preponement of pensionary advantages unfold over 10 years).

The transfer was geared toward decreasing the wage load of the telecom PSUs and curbing their losses.

BSNL’s loss swelled by over 2.5-times to Rs 39,089 crore throughout the April-December 2019 interval.

The public sector telecom agency had recorded a lack of Rs 14,904 crore within the earlier monetary yr 2018-19.

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