The Indian Petrochemicals Corporation Ltd, a Reliance company, has announced a one-time voluntary retirement scheme for its workers.
The Indian Airlines board on Friday approved a proposal to set up a wholly-owned subsidiary to undertake airport handling and allied services.
The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog vice chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23. "The Indian economy has recovered handsomely, returning to its pre-COVID GDP... "Only private consumption is still below its pre-COVID-19 level," the eminent economist told PTI in an interview.
Oriental Bank of Commerce on Friday said its profit will dip this fiscal due to acquisition of the ailing Global Trust Bank and hinted at another round of voluntary retirement scheme to cut excess flab.
The government has cleared a second round of voluntary retirement scheme for shedding 10 per cent of the total workforce of public-sector general insurance companies involving a cash outgo of Rs 1,000 crore.
Monetising real estate assets is part of the overall relief package that would be used to retire debts, upgrade networks, and offer VRS aimed at reducing the telcos' employee strength by half.
In order to cut flab and improve efficiency, public sector general insurance companies are planning to offer a second round of voluntary retirement scheme to their employees.
Indian Oil Corporation will shed about 1000 surplus employees by giving them voluntary retirement, the Rajya Sabha was informed on Tuesday.
The RIL-owned Indian Petrochemicals Corporation Ltd has shed its workforce by about 12 per cent as it gave voluntary retirement to 1,550 employees, which would cost the company Rs 120 crore (Rs 1.20 billion) during the current fiscal.
Over 54,000 public sector employees opted for voluntary retirement scheme in 2001-02, Rajya Sabha was informed on Monday.
Hindustan Petroleum Corporation has proposed to shed about 11 per cent of its workforce by offering the surplus staff a VRS, the Rajya Sabha was informed on Tuesday.
Over 1,000 employees of Air-India are expected to avail of the voluntary retirement scheme, for which the airline would have to bear financial burden of about Rs 57 crore.
Voltas Ltd has announced a voluntary retirement scheme to slash 300 jobs and has plans to cut an equal number as part of its efforts to shed flab and become leaner to take on competition.
MTNL's board has given the go-ahead to a voluntary retirement scheme for group C and D employees. It also announced its foray into 'Mobile Commerce', which will help customers to transact business with the help of mobile.
Mobile operators with the exception of Reliance Jio are in a much worse financial condition than expected earlier. The combined borrowing of the four incumbent operators - Bharti Airtel, Vodafone Idea, Bharat Sanchar Nigam (BSNL), and Mahanagar Telephone Nigam (MTNL) - reached an all-time high of Rs 3.85 trillion at the end of March this year. The companies' combined debt was up 22.4 per cent year-on-year last financial year against 8.3 per cent growth in their borrowing in the previous year. As a result, the incumbent operators' debt-equity ratio shot up to an unsustainably high level of 6.83X at the end of March this year from 2.3X at the end of March 2020. This was largely due to big losses reported by all these companies last financial year. The four incumbent operators racked up combined net losses of Rs 70,000 crore in FY21.
It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
The company, which has a subscriber base of 120 million, also plans to raise funds via a bonds issue. The company's impending 4G launch is also expected in the second half of the current financial year for which it would invest Rs 12,000 crore, partly through bonds.
While Bhasin will be getting provident fund money and gratuity, he would not be getting leave encashment for 420 days, medical reimbursement for himself and wife, free passes for himself and wife, and holiday home facilities.
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