Almost 80,000 eligible BSNL employees have already opted for the VRS scheme in just over two weeks of its rollout. (Photo: Reuters)

State-run telecom operator BSNL is expected to hand lumpsum packages to employees who have decided to retire under the recently announced Voluntary Retirement Package (VRS) scheme, reported Business Today.

Under the BSNL Voluntary Retirement Scheme 2019, employees aged 50 years or above are eligible to opt for retirement.

At least 63 per cent or 1 lakh BSNL employees of total 1.6 lakh employees are eligible to opt for VRS.

Many reports indicate that almost 80,000 employees aged above 50 years have already opted for the scheme in just over two weeks of the rollout. However, more employees are likely to opt for the VRS scheme, which is open till December 3, added the report.

Many employees opted for the scheme as the payout package is expected to be generous. Every employee availing the scheme would get a lump sum amount of salary for the remaining months of their service at the telco.

While the current age of retirement for BSNL employees is 60 years, those aged 55 years will be entitled to a lumpsum payment of 60 months (Remaining five years of service) of their present salary under the VRS scheme.

This indicates that each employee opting for the scheme will retire as a millionaire. The BT report indicated that BSNL's monthly salary budget is approximately Rs 1,200 crore and each employee, especially experienced individuals, is expected to get a minimum salary of Rs 75,000 per month.

Meanwhile, employees aged 50 years opting for the scheme are likely to get a Rs 90 lakh retirement package, assuming that they are earning around Rs 75,000. This is because the employee would be left with 10 years (120 months) of service and they would get remuneration for the entire period. Likewise, an employee aged 59 years would get about Rs nine lakh after opting for VRS.

Apart from that, the Business Today report indicates that retiring employees will also be eligible for receiving gratuity, earned leave and monthly pension after they cross 60 years of age.

A BSNL source said the salary of the retiring employees would be protected and they will get full salary as per the cabinet's decision.