The retired employees of the Oil and Natural Gas Corporation (ONGC) have been undergoing through a very excited phase since the newS relating to a monthly payment of 30% of the existing maximum of revised pay scales of the posts on which they retired irrespective of their dates of retirement. It is guessed that an announcement to this effected is likely to be made by the CMD of the Corporation on 14th August, 2010, which happens to be the ONGC Day. Some people are of the view that the amount of Ex-gratia and PRBS already beong paid to the retired employees would be deducted from any such payment where-as some feel it would be simply a profit sharing having no relation to PRBS or Ex-gratia.
It has reliably been learned that at the back-ground of above, there are some developments where CMD of ONGC has formed a high level official Committee consisting of some former senior executives of ONGC for the express purpose of formulating a viable scheme for the welfare of retired employees out of the Welfare Fund as per directive of BPE vide its order dated July, 2009. The Committee so formed, has already submitted its recommendations on June 12, 2010.Actually, the above Welfare Fund is the same Fund/Corpus as recommended by the 2nd PRC headed by Justice JR Rao whereby 1.5% of Profit Before Tax (PBT) is to be ear-marked by all the PSUs for the welfare of their retired employees who are not adequately covered under Pension or Medical Schemes. In view of the above developments, payment for the F.Y 2007-08,2008-09 and 2009-10 have already become due.
Blessing in disguise ! It is not known in what shape it would be , but there , certainly , is some thing good in the offing which would enthuse the retired employees of ONGC to celebrate the ensuing Independence Day with more pomp and show.
JAI HO !
(PLEASE OFFER CONSIDERED COMMENTS.WIDE PARTICIPATION IN ALL SUCH MATTERS BY THE RETIRED EMPLOYEES WOULD CERTAINLY SAFE-GUARD THEIR INTERESTS)