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Govt mulls longer lock-in to protect jobs post BPCL privatisation
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SME Times News Bureau | 31 Jul, 2020
To make the strategic sale of Bharat Petroleum Corporation Ltd (BPCL)
less painful to its employees, the government is looking at a plan to
provide longer job security to them under the new management post
privatisation of the company.
Sources said there is a suggestion
that post transfer of BPCL to new owners, the jobs of all the company's
existing employees should be protected for a period of three to five
years. This would ensure that there is no retrenchment or layoffs during
defined period post the sale of the company.
Normally, in
strategic sale proposals job guarantee clause or lock-in period is built
for a maximum of one year. But given the sensitive nature of the sector
in which the company operates and its strong staff strength of over
11,000 employees, the government is looking if job security could be
provided for a longer period. Moreover, unlike previous strategic sale
of loss-making or weaker entities, BPCL is a profit generating PSU with
strong financials and assets.
"Changes would only be incorporated
in the bid document after taking feedback from investors who have
already posted several queries about the process. But in any case, jobs
of all employees on the roll of the company at the time of privatisation
would be protected," said the official sources.
BPCL has already
opened a VRS scheme for employees that are willing to part ways before
the company's privatisation. The company's notice, however, says that
the voluntary retirement scheme (VRS) has been offered keeping in mind
the employees who may not be in a position to continue in service of the
company due to various personal reasons.
The 'Bharat Petroleum Voluntary Retirement Scheme - 2020 (BPVRS-2020)' has opened on July 23 and will close on August 13.
The
disinvestment in BPCL involves the government selling its entire 52.98
per cent stake in the company to a strategic investor with transfer of
management control. The government has barred PSUs from bidding for BPCL
and expects private sector Indian players and global MNCs to bid for
its stake. The government's stake in BPCL is worth around Rs 50,000
crore. The last date for expression of interest (EoI) for BPCL strategic
sale has been extended thrice and is now stretched to September 30.
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