Prospects of giant public sector companies, including ONGC, undertaking an early pruning of workforce received a setback with the government rejected a proposal that offered 90-days pay package as part of an attractive voluntary retirement scheme. The Union Cabinet has not agreed to this proposal of these (big) undertakings, heavy industry secretary Ravindra Gupta told the Economic Editors Conference.
The current scheme of department of public enterprises offers 60 days salary for every year of service rendered or the years of service left, whichever is lower.

The move was reportedly initiated by two or three mega oil companies to trim their workforce.
Government has recently decided to enhance VRS package for central PSUs with higher benefits to the employees who had been deprived of pay revisions from 1992.
Under this package, a 100 per cent hike in ex-gratia payment is offered if the employee has not received the 1992 pay scales.
Those, denied pay revision in 1997, would be eligible for a 50 per cent hike in ex-gratia amount.
As many as 31 PSUs are still on the 1997 pay scales, while 58 PSUs are on the 1992 pay scales. Bureau Report