Question: What Is BSNL Retirement Age?

What is the future of BSNL?

The Modi cabinet approved a Rs 69,000 crore revival plan for BSNL and MTNL, which would include restructuring of existing debt by raising bonds with sovereign guarantee, reducing employee costs through a VRS scheme, monetisation of assets, allotment of 4G spectrum, and in-principle approval their merger..

Why do BSNL employees take VRS?

The public sector telecom company recently notified a VRS scheme for employees above the age of 50 in an attempt to trim the workforce. “We are the people who work hard to restore mobile connectivity immediately after natural calamities and in the remotest of places in the country.

What is the fate of BSNL?

The fate of 180,000 BSNL unpaid employees hangs in balance as fears of a shutdown loom large. Bharat Sanchar Nigam (BSNL) whose debt of ₹130 billion has piled up. Fear has gripped 1.8 lakh employees of the company as their June salaries are yet to be paid.

What is VRS package?

Definition: Voluntary retirement scheme is a method used by companies to reduce surplus staff. This mode has come about in India as labour laws do not permit direct retrenchment of unionized employees. Description: VRS applies to an employee who has completed 10 years of service or is above 40 years of age. ?

What is the age limit for retirement?

66 years and 2 monthsCurrently, the full benefit age is 66 years and 2 months for people born in 1955, and it will gradually rise to 67 for those born in 1960 or later. Early retirement benefits will continue to be available at age 62, but they will be reduced more.

What is the latest retirement age?

The minimal retirement age has gradually increased from 60 to 62 years by 2018. The full retirement age is to be increased gradually from 65 to 67 years by 2023.

What is the salary of BSNL employees?

Bsnl SalariesJob TitleSalaryJTO salaries – 11 salaries reported₹ 7,38,995/yrJunior Engineer salaries – 10 salaries reported₹ 36,507/moSub Divisional Engineer salaries – 8 salaries reported₹ 1,01,880/moJ T O salaries – 7 salaries reported₹ 54,301/mo16 more rows

How is monthly pension calculated?

The amount of the monthly pension benefit you will receive is based on the following formula: 1.5% of your highest average earnings up to the CPP’s Year’s Maximum Pensionable Earnings (YMPE) Plus 2.0% of your highest average earnings over the YMPE. Multiplied by your years of credited service.

What is the retirement age in BSNL?

60 yearsWhile the current age of retirement for BSNL employees is 60 years, those aged 55 years will be entitled to a lumpsum payment of 60 months (Remaining five years of service) of their present salary under the VRS scheme. This indicates that each employee opting for the scheme will retire as a millionaire.

Do BSNL employees get pension?

Pension is admissible to permanent employees who retire with a qualifying service of not less than ten years. In case of the BSNL employees, the minimum amount of pension will be Rs. … 1275 p.m. and maximum will be 50% of the highest pay plus Dearness Pay subject to maximum Rs.

How much pension do BSNL employees get?

Rs 17,169 crores will be allotted as ex gratia for the retirees. Rs 12,678 crores will be disbursed as pension allotment. The amount of ex-gratia for any eligible employee will be equal to 35 days’ salary for each completed year of service and 25 days’ salary for every year of service left until superannuation.

What is the VRS scheme in BSNL?

Nearly one lakh BSNL employees are eligible for the Voluntary Retirement Scheme (VRS) out of its total staff strength of about 1.50 lakh. … The Union Cabinet had last month approved a plan to combine MTNL – which provides services in Mumbai and New Delhi – with BSNL that services the rest of the nation.