PTCL Launched 4th VSS After its Privatization
Islamabad (Tuesday, November 29, 2016) – Yesterday Pakistan Biggest Telecommunication Company, The PTCl launched its fourth Voluntary Separation Schemes (VSS) after its Privatization to UAE based Etisalat in 2006. According to reliable sources this V.S.S. in not better than the previous VSS Scheme launched in 2014. PTCL Regular and NCPG employees were expecting more improved and better Separation scheme. Lot of employees has expressed their dissatisfaction.
VSS Schemes are launched in 2007, 2012 and 2014 in past. More than 45,000 NCPG and Regular (BPS) pay Scales employees has availed the VSS so for.
VSS has been presented to thousands of employees of BPS and NCPG Pay groups. While Employees working in BPS-1 to BPS-20 has been included in this pre-retirement scheme.
Pakistan Telecommunication Company Limited (PTCL) has on Monday announced Voluntary Separation Scheme (VSS) for its 18,000 employees.
Announcement was made during the press conference by HR Head Mr. Mazhar Hussain in Islamabad. Company is hoping that 50% of its employees will avail the opportunity at a total cost of Rs. 10 billion. 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:-
1- 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
2- 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
3- Pensionable employees also have the option to choose between a lump sum payment of enhanced commutation or continued pension.
4- NCPG optees will get gratuity up to 4 times of basic salary (gratuity is tax exempted)
5- All the scheme optees will be given leave encashment of 180 days, irrespective of their leave balance
6- Allowances of six months for regular employees and 15 months for NCPG employees are also part of this package
7- 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.
8- EOBI pension benefits (as per EOBI act and rules) will also be provided to VSS scheme optees
9- support Vfor SS Optees in getting the jobs in other companies, for which services of leading head hunters will be arranged at company’s expense.