The Union Cabinet on Wednesday approved the introduction of an improved Voluntary Retirement Scheme (VRS) for the employees of Hooghly Dock and Port Engineers Limited (HDPEL) and restructuring of the company through a Joint Venture (JV).
The improved VRS package is based on IDA 2007 linked pay scale. It would be open for three months with a provision of extension by another one month. After the implementation of the improved VRS, JV formation with the private sector would be attempted failing which the company would be disinvested.
Implementation of the improved VRS package would substantially reduce the manpower of HDPEL and would help in downsizing. Thereafter, HDPEL would become amenable to re-structuring.
HDPEL was nationalized in 1984 as per the Hooghly Dock & Engineer Company (Acquisition and Transfer of Undertaking) Act, 1984 and was renamed as Hooghly Dock & Port Engineers Ltd.
