The country’s largest public sector company by profits Oil and Natural Gas Corporation (ONGC) is preparing to cut down its workforce and has decided to come out with a Voluntary Retirement Scheme (VRS-2009). The company has over 33,000 employees,
The board of ONGC, which met on May 5, approved the VRS scheme for 2009, to be opened from May, 11, 2009 for two months till July, 10, 2009.
Speaking to Hindustan Times,ONGC chairman and managing director RS Sharma said, “This is an exercise to weed out unwanted employees who have constraints on their movements and are unable to move out from their present place of postings. Such employees are not able to contribute to the desired levels. They possess lower qualifications and are also in an age group, where learning is minimised.”
VRS 2009 is applicable to all whole-time regular employees, 40 years and above, with a minimum 15 years of continuous service.