Financial Daily from THE HINDU group of publications
Wednesday, Jun 23, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jun 23, 2004 |
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Corporate
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Human Resources BPCL staff stay away from work Our Bureau
Mumbai , June 22 EMPLOYEES of Bharat Petroleum Corporation Ltd today went on a strike to protest the "poor" management of a voluntary pension scheme. Close to 8,000 employees stayed away from work. However, refinery and direct marketing operations remained unaffected, the BPCL spokesperson said. In all, 13 unions participated in the countrywide protest. Employees were protesting against lower than promised returns on a pension scheme, started 17 years ago. According to an official, projected returns reduced because interest rates on investments have been cut over time from 14 to 15 per cent in 1987 (when the scheme was launched) to 5 to 6 per cent now. "So either we contribute more to the corpus or take a cut on post-retirement monthly pension. Employees protested after they realised they were now paying more towards the monthly deductions towards scheme," the official said.
More Stories on : Human Resources | Petroleum | Trade & Labour Unions | Pension Plans
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