Nod For Ioc, Ongc Early Retirement Plans

The government today approved the proposals of the Oil and Natural Gas Corporation (ONGC) and the Indian Oil Corporation (IOC) for offering voluntary retirement schemes.

The schemes were in line with the guidelines of the department of public enterprises, an official press release issued today said.

As per the approved schemes, employees opting for voluntary retirement will be paid a compensation of 60 days' salary for each completed year of service or the salary for the number of service years left, whichever is less, apart from the normal retirement benefits.

The salary for the purpose of computation will consist of the basic pay and dearness allowance.

 

The employees opting for early retirement would also receive additional monetary benefit, the release said.

It is expected that about 2,000 employees of ONGC and 1,000 in IOC will opt for voluntary retirement under these schemes. The two companies will notify further details to their employees.