Cabinet okays improved VRS for Hooghly Dock & Port employees

Government today approved improved Voluntary Retirement Scheme for the employees of Hooghly Dock and Port Engineers Ltd and restructuring of the company through a joint venture.
"The Union Cabinet, chaired by Prime Minister Narendra Modi today approved the introduction of an improved Voluntary Retirement Scheme (VRS) for the employees of Hooghly Dock & Port Engineers Limited (HDPEL) and restructuring of the company through a Joint Venture (JV)," Ministry of Shipping said in a statement.
After the implementation of the improved VRS, JV formation with the private sector would be attempted, failing which, the company would be disinvested, it said.
Implementation of the new VRS package would substantially reduce the manpower of HDPEL and would help in downsizing. Thereafter, HDPEL would become amenable to restructuring, the release said.

The scheme would be open for three months with a provision of extension by another one month, it said. "The improved VRS package is based on IDA 2007 linked pay scale."
The current VRS package, it said, is at the old pre-revised scale, therefore, implementation of an improved scheme would provide better retirement benefits to the HDPEL employees.
This decision will take care of employees' welfare as well as prevent recurrent loss to the public exchequer, it added.
The HDPEL has two units, one in Salkia and other in Nazirgunge located on the banks of the Hooghly River. However, both units have been suffering heavy losses.