About 507 employees of Oil and Natural Gas Corp have opted for voluntary retirement under the latest VRS scheme floated by the company, the Rajya Sabha was informed on Tuesday.
ONGC had offered a one-time VRS in 2003 and 712 employees had opted for it. The firm introduced a one-time VRS once again for a period of two months with effect from March 1, 2004. The scheme was thereafter extended for a month i.e. up to May 31, 2004.
"About 507 employees of ONGC have opted for VRS under the March 1, 2014 to May 31, 2004 scheme taking the total number of employees who have opted for voluntary retirement to 1219," Petroleum Minister Mani Shqnkar Aiyar said in a written reply.
The scheme applied to all employees, subject to the Department of Public Enterprises guidelines in force.
Employees who had attained the age of 40 years or above, with a minimum of 15 years of continuous service in ONGC, were eligible for the VRS.
The scheme offered ex-gratia payment equal to 60 days' salary for each completed year of service or salary at the time of voluntary retirement, multiplied by the balance months of service left before the normal date of retirement on super-annuation, whichever is less.
Other benefits such as provident fund, cash equivalent of earned leave, encashment of half pay leave, gratuity and travel expenses were also offered to those employees who opted for the VRS, he said.
© 2026