Resource rich state oil firms, including ONGCNSE -0.16 %, Indian Oil and Bharat Petroleum, plan to reward their tens of thousands of retired staff by offering cash that rises with their age, a move that would require hundreds of crores of rupees in funding. ONGC, IOCNSE 1.45 % and BPCLNSE 0.80 % have separately decided on plans to reward retired employees.
The plan is aimed at “acknowledging the contribution made by its seniors in building the organisation,” a spokesperson for Indian Oil said. “It mitigates to a small extent the hardship faced by the seniors who are drawing a meagre pension as their only means of livelihood.”
