Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,921.50-96.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

MTNL says over 13,500 employees opted for VRS scheme so far

MTNL had initially expected the voluntary retirement scheme (VRS) optees to touch 13,500, but the numbers have already reached 13,532 employees, with nearly two weeks left to go before the closing date for exercising the option.

PTI|
Nov 20, 2019, 02.00 PM IST
0Comments
BCCL
mtnl
After BSNL, state-owned Mahanagar Telephone Nigam Ltd (MTNL) on Wednesday said its VRS plan has surpassed its internal estimates as more than 13,500 employees have opted for the recently-announced scheme so far.

MTNL had initially expected the voluntary retirement scheme (VRS) optees to touch 13,500, but the numbers have already reached 13,532 employees, with nearly two weeks left to go before the closing date for exercising the option.

"We have received a strong response; and so far, as many as 13,532 employees have opted for the VRS scheme. Our internal target had been 13,500," MTNL Chairman and Managing Director Sunil Kumar told PTI.

He promised that the corporation will try to accommodate as many employees as possible.

"We expect the numbers to reach the range of 14,500 to 15,000 by the closing date," he said adding that, in all, 16,300 employees are eligible for the scheme.

In case of Bharat Sanchar Nigam Ltd (BSNL), as many as 77,000 employees of state-owned telecom corporation have opted for the recently launched VRS until now.

Mahanagar Telephone Nigam Ltd (MTNL) scheme, based on Gujarat Model of VRS, will be open for employees till December 3, 2019. It has said that "all regular and permanent employees of 50 years and above as on January 31, 2020" are eligible to opt for the scheme.

The government has approved a plum Rs 69,000-crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and giving VRS to employees so that the combined entity turns profitable in two years.

The Cabinet has approved the plan to combine MTNL - which provides services in Mumbai and New Delhi - with Bharat Sanchar Nigam Ltd (BSNL) that services the rest of the nation.

MTNL has reported losses in nine of the past 10 years and BSNL too has been reporting losses since 2010. The total debt on both the companies stood at Rs 40,000 crore, of which half of the liability is on MTNL alone.

Also Read

MTNL sets December 3 for employees to opt for VRS

Why a simple BSNL-MTNL merger is not the solution

All about government's plan for BSNL-MTNL merger

Govt trying to revive BSNL, MTNL, make them professional

Over 92,000 employees of BSNL, MTNL opt for VRS scheme

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service