BSNL staff below 55 years also opt for VRS scheme

State-owned Bharat Sanchar Nigam Ltd’s (BSNL) Voluntary Retirement Scheme (VRS) is increasingly being opted by executives, who are below 55 years of age, even as the public sector unit is expected to exceed the target for the scheme. Also read: BSNL close to achieving VRS target

"This is much better than the management’s expectations, even though the VRS package will not be as beneficial for them. The scheme is much better for employees aged over 55 years," a source close to the development told BusinessLine.

With the scheme, getting a “good response”, it is unlikely now the Government will reduce the retirement age to 58 from the present 60, the source said.

Further, BSNL is also hold a board meeting and Annual General Meeting (AGM) today to approve the half-year results, which is required for floating of bonds.

Earlier in October, the Union Cabinet had announced a bailout package that included strengthening the company’s finances through sovereign bonds, VRS and providing 4G spectrum at administrative rates. Also read: Diwali bonanza: BSNL-MTNL to be merged

Meanwhile, BSNL unions also want the Government to take back Indian Telecommunication Services (ITS) officers working with the company, which would enable it save “at least” Rs 5 crore every month.