ISLAMABAD – Pakistan Telecommunication Company Limited (PTCL) on otherday announced a Voluntary Separation Scheme (VSS) for its employees, offering more attractive package than previous schemes.
PTCL Chief Human Resource Officer Syed Mazhar Hussain told media persons that the scheme has been designed based on feedback of employees and would be beneficial for those who opt for it. Effective from November 28, 2016, the scheme is expected to be availed by around 3,000 employees, he added.
He said that previous VSS was appreciated by employees as it offered a very lucrative package. In last scheme of 2014, the organisation could not relieve all employees who opted for this scheme, since business could not let go of such a sizable employee base at once, and risk stalling operations.
However, he said with successes reaped from previous schemes and improved company performance, PTCL is now in a better position to offer this scheme to around 9,000 employees and can manage to relieve around 3,000 employees.
He said that in addition to an attractive package of up to 100 basic salaries and several other financial benefits, PTCL will also arrange vocational training, recruitment support through headhunters and financial management through experts at organisation’s expense. He said, “As a company which puts its employees and customers first and foremost, PTCL has ensured this scheme incorporates maximum possible benefits that the company can reasonably provide to its employees.” In addition to the packaged benefits, the scheme has several exclusive incentives and bonuses, he added.
According to the newly announced VSS scheme, regular employees will receive transition pay with a multiplier of four (4 times years of service), whereas New Compensation Pay Group (NCPG) employees will receive it with enhanced multiplier of six times years of 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 two years of service. Pensionable employees also have option to choose between a lump sum payment of enhanced commutation or continued pension, depending on their particular aspirations.
NCPG optees will be given gratuity up to four times of basic salary (gratuity will be tax exempted). All the scheme optees will be given leave encashment of 180 days irrespective of their leave balances. Allowances of six months for regular employees and 15 months for NCPG employees are also part of this lucrative package.
In case of early adopter of this scheme, an additional amount of Rs200,000 will be paid as Early Bird Bonus if the offer is accepted by employee within first 20 days of announcement date. If 30 percent or more employees of targeted population of any region will opt for the scheme, an additional amount of Rs150,000 will be paid to each optee of that region. The outstanding loan along with due markup will be written off.
The EOBI pension benefits will also be provided to all employees opting for the VSS as per EOBI Act and its rules. Moreover, to support the VSS optees in getting jobs in other companies, services of leading head hunters will be arranged at company’s expense.
PTCL liability will be restricted to headhunters’ commission in case the employee is selected for any job.
In order to help the optees in beneficial cash management of their amounts, services of financial advisers (leading cash management companies/funds) will be arranged. Employees can consult them to having various investment options for making a better decision. A comprehensive plan has been worked out to arrange vocational trainings at expense of the company, enabling the optees to get required skill set in different fields of their choice for a more affluent future.