Rs 8,500 crore VRS Support for MTNL, BSNL
By MYBRANDBOOK
We can say it is the biggest scheme on voluntary retirement schemes (VRS) to offered in the country. The government is planning Rs 8,500-crore support scheme for the both BSNL and MTNL (BSNL is about Rs 6,365 crore, whereas MTNL(operates in Delhi and Mumbai) is Rs 2,120 crore) to their ageing manpower and infuse fresh entrants and technology skilled manpower to give a new shape to the telecom PSUs.
The plan will be backed by a 10-year bond issue, for which large land holdings of these two PSUs can be kept as collateral. The support scheme, which will also help these PSUs in accessing 4G spectrum, was decided at a meeting of the Digital Communications Commission (DCC), the top decision-making body on telecom matters.
Currently, BSNL has a debt of Rs 14,000 crore and had accumulated losses of Rs 31,287 crore at the end of 2017-18, with 1.76 lakh employees. The government expects that either through VRS/early pension scheme or via natural course of retirement the manpower of BSNL can be reduced by around 75,000 people. The reason is the wage bill of these workers is nearly 60% of the revenue the company makes in a year.
Secondly, MTNL has 22,000 workers and a debt of around Rs 19,000 crore, spends about 90% of its revenue on wages. In the coming five-to-six years, around 16,000 employees of the company will be retiring. If the scheme of VRS will start, then health of the company would have nurtured faster.
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