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Thursday,21-October-2021

Business

BSNL notifies VRS, scheme open till December 3

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BSNL

State-run Bharat Sanchar Nigam Limited (BSNL) has notified its Voluntary Retirement Scheme and has asked its circle heads to circulate the guidelines to facilitate the exercise of option by its employees.

In a communication to its circle heads, the BSNL said: “In pursuance to the decision of the Union Cabinet and conveyed by Department of Telecommunications (DoT), the BSNL Voluntary Retirement Scheme – 2019 is being circulated to all concerned and invites options from employees eligible under the scheme for seeking voluntary retirement as per the provision of the scheme.

“Options seeking voluntary retirement under the scheme shall remain open from November 4 up to December 3 and the effective date of voluntary retirement under this scheme will be January 31, 2020,” it said.

The BSNL has also instructed the chief of circles “to give wide publicity to the scheme to enable all the eligible employees to take an informed decision and exercise the option for VRS within the prescribed time period”.

The circles are to conduct open house sessions to provide maximum information about the scheme to help the employees make informed decisions. Billboards are also to be arranged for highlighting the salient features of the scheme.

Telecom Minister Ravi Shankar Prasad had recently asked BSNL to start a dialogue with its employees on the VRS and suggested pitching it well for better response.

“BSNL’s revival depends upon the successful implementation of the VRS. Accountability will be fixed from the top, if the revival plan is not implemented in its true spirit,” highly placed sources had told IANS.

The success of the VRS is critical to the survival of BSNL, whose 1.75 lakh strong work force consumes 75 per cent of the company’s revenues in wages. The telco has been making losses for the last 10 years and posted an estimated loss of Rs 14,300 crore in 2018-19.

Under the VRS, employees above the age of 53.5 years will get 125 per cent of their salary, which they could have earned in the balance period of their service. Employees between 50 and 53.5 years opting for the VRS will get benefit in the range of 80 to 100 per cent of the remuneration to be paid in the balance period of their service. For employees currently above 55 years of age, on opting for VRS, the pension will be commuted only when they attain 60 years of age (the current retirement age). For the employees, currently of age 55 years and less, on opting for VRS, the pension will be commuted in the sixth year 2024-25.

Business

No increase in fuel prices for 2nd consecutive day on Tuesday

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Petrol

 Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.

With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.

The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.

Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.

Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.

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Business

Markets open on a positive note

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Bombay-Stock-Exchange

 The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.

The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.

On Monday, the Sensex closed at 61,765.59 points.

The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.

The Nifty is trading at 18,549.55 points in the morning.

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Business

Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets

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Petrol

 Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.

In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.

The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.

Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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