Indian Oil Corporation on Friday said it has launched a voluntary retirement scheme - for its surplus employees - that is valid till December 31, 2003.

"The current scheme, valid from July 4, 2003 to December 31, 2003, is based on the department of public enterprises guidelines which stipulate ex-gratia payment equivalent to 60 days' emoluments (Basic pay + DA) for each completed year of service or the emoluments for the number of months' service left, whichever is less," IOC said in a statement in New Delhi.

IOC said there was no other provision for additional monthly benefits based on the employee's age at the time of retirement.

For eligibility under this scheme, the employee must have attained the age of 45 years or have served the corporation for a minimum period of 20 years.