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Wednesday, Jun 23, 2004

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BPCL staff stay away from work

Our Bureau

Mumbai , June 22

EMPLOYEES of Bharat Petroleum Corporation Ltd today went on a strike to protest the "poor" management of a voluntary pension scheme. Close to 8,000 employees stayed away from work. However, refinery and direct marketing operations remained unaffected, the BPCL spokesperson said.

In all, 13 unions participated in the countrywide protest. Employees were protesting against lower than promised returns on a pension scheme, started 17 years ago. According to an official, projected returns reduced because interest rates on investments have been cut over time from 14 to 15 per cent in 1987 (when the scheme was launched) to 5 to 6 per cent now.

"So either we contribute more to the corpus or take a cut on post-retirement monthly pension. Employees protested after they realised they were now paying more towards the monthly deductions towards scheme," the official said.

More Stories on : Human Resources | Petroleum | Trade & Labour Unions | Pension Plans

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