The Ministry of Energy has announced that compensation will be paid to employees of the Electricity Board who choose to voluntarily retire under the ongoing restructuring program. The compensation package will range from a minimum of Rs. 9 lakh to a maximum of Rs. 50 lakh.
According to the scheme, employees with more than 10 years of service will be entitled to two months’ salary for each completed year of service, along with one and a half months’ salary for every remaining year until retirement. Meanwhile, employees with less than 10 years of service will receive five months’ salary for each year they have worked, but will not receive payments for their remaining service. The Ministry of Energy has officially informed employees about these compensation options.
As per the provisions of the new Electricity Board Act, the institution has been restructured into four companies, and letters have been issued assigning all employees to one of the four entities. Employees who do not wish to accept their assignment to these companies are required to voluntarily retire. A two-month period has been allocated for this process.
