• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Kohinoor Mandal

Kolkata , Dec. 8

OIL major Indian Oil Corporation Ltd is likely to make an ex gratia monthly payment to around 200-odd former employees who have superannuated before 1987.

According to sources, the directors have already agreed upon this matter. The final clearance is expected within a few days when the IOC Chairman, Mr. M.S. Ramachandran, finally signs on the dotted line and forwards it to the board for its approval.

For more than two years, ex-employees of IOC who retired before 1987 have been lobbying hard with the Union Petroleum Ministry for this benefit. Mr. Prasun Kumar Chowdhuri, a former IOC manager who retired before 1987, says: "Those who have retired before 1987 got a superannuation benefit of Rs 1.5 lakh to Rs 2 lakh. On the other hand, a similarly placed executive who retires today after serving IOC for a comparable period gets a total package of Rs 30-40 lakh. This apart, they are entitled to a monthly pension and some shares of IOC", Mr. Chowdhuri said.

Talking to Business Line, Mr. V.C. Agarwal, Executive Director (Human Resources) of IOC, confirmed that the company was actively considering the proposal of its former employees.

"The matter is under active consideration of the company. We have not yet received the formal approval from the board of directors but in all possibility it is likely to be accepted", Mr Agarwal said.

According to him, the company was likely to make a payment of a "lump sum amount" every month in the form of ex gratia but ruled out any further benefits. The Kochi-based Indian Oil Elders Forum has also made a similar request to the IOC management.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Maruti rolls out upgraded version of Grand Vitara

Copyright © 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line