ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) has on Monday announced Voluntary Separation Scheme (VSS) for its 18,000 employees.
Announcement was made during the ongoing press conference in Islamabad.
Company is hoping that 50% of its employees will avail the opportunity at a total cost of Rs. 10 billion, ProPakistani reported.
Maximum compensation that a single employee will get is estimated at Rs. 13.5 Million.
Syed Mazhar Hussain, Chief Human Resource Official PTCL, said that this third VSS scheme in PTCL’s history will be effective from November 28th, 2016.
Salient features of VSS scheme for regular PTCL and NCPG employees will be as following:
- Regular employees will get transition pay multiplied by four multiplied by years in service (Transition Pay x 4 x number of years in service)
- New compensation pay group (NCPG) employees will get enhanced 6 times of the years in service
- Minimum length of service for eligibility of pension has been reduced from 20 to 18 years, and retiring employees will get the pensionary benefits of additional 2 years of service
- Pensionable employees also have the option to choose between a lump sum payment of enhanced commutation or continued pension.
- NCPG optees will get gratuity up to 4 times of basic salary (gratuity is tax exempted)
- All the scheme optees will be given leave encashment of 180 days, irrespective of their leave balance
- allowances of six months for regular employees and 15 months for NCPG employees are also part of this package
- In case of early adopter of VSS scheme, an additional bonus of Rs. 200,000 will be paid if employees apply for scheme with-in 20 days
- If 30% or more employees of targeted population of any region opt for scheme, then an additional amount of Rs. 150,000 will be paid to each optees of that region
- EOBI pension benefits (as per EOBI act and rules) will also be provided to VSS scheme optees
PTCL said that it will support VSS Optees in getting the jobs in other companies, for which services of leading head hunters will be arranged at company’s expense.