Financial Daily from THE HINDU group of publications
Wednesday, Dec 31, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 31, 2003 |
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Corporate
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Human Resources IOC to launch monthly ex-gratia scheme for retired employees Kohinoor Mandal
Kolkata , Dec. 30 INDIAN Oil Corporation Ltd has finally decided to introduce a monthly ex-gratia scheme to all former employees who have retired before 1987. According to an official document of IOC, the monthly payout will range from Rs 1,000 to Rs 4,200 and it will be effective from December 1, 2003. Employees who have worked for a minimum period of 15 years in IOC will be eligible for this monthly earning. This new scheme covers all those ex-employees not covered under the existing (Superannuation Benefit Fund) scheme of IOC. Spouses of the deceased former employees are also eligible under the new scheme. Even those employees who were covered under the fund scheme but are currently drawing lower pension than the new scheme will be entitled to claim the "differential amount." However, those employees who have "separated from the services of IOC on account of pre-mature retirement" are not eligible for the ex gratia under the new scheme, according to the official memo. Mr V.C. Agarwal, Executive Director (Human Resources) of IOC, confirmed the development. He, however, said that the corporation is not too sure on the number of former employees who will be eligible under this new scheme. "It is difficult to say how many former employees will be covered under this scheme because more than 16 years have passed. The onus is now the former employees to prove their credentials and seek the benefit," Mr Agarwal told Business Line. IOC has made some rough estimates but Mr Agarwal preferred not to disclose the expected monthly payout of the oil major on this account. It has fixed March 31, 2004, as the last date for receiving applications on this account. It may be noted that for the last two years the ex-employees of IOC have been lobbying hard with the Union Petroleum Ministry for this benefit. Mr Prasun Chowdhuri, a former IOC manager who retired before 1987, said there used to be a loud discrepancy in the post-retirement benefits between them and those who are retiring now. "This new scheme will certainly bridge some gap. This will be major relief to a large section of former employees like us who are now suffering from a financial crisis. We must thank Mr Satyabrata Mukherjee, Union Minister of State, and Mr Manas Roychowdhury, General Secretary of All India Petroleum Federation, for helping us out," Mr Chowdhuri added.
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