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<ul><li>State-owned telecom operator <keyword id="57998" type="COMPANY" weightage="20" keywordseo="Bharat-Sanchar-Nigam-Limited">Bharat Sanchar Nigam Limited</keyword> (BSNL) is considering to reduce 80,000 employees with a Voluntary Retirement Scheme (VRS) to cut down on its operational costs. </li><li>BSNL revenues dipped from ₹32,000 crores to ₹ 18,000 crores, according to its Employee Union. </li><li>It is also looking to reduce its energy consumption by 15% to keep itself afloat. </li><li>The company has not paid the August salaries to its employees, which has led to massive protests by the contractual workers.</li></ul>State-owned telecom operator Bharat Sanchar Nigam (BSNL) is looking to cut its headcount by 80,000 employees by offering an attractive Voluntary Retirement Scheme (VRS). The debt-ridden telecom company which is looking to reduce its operational costs, is awaiting government response to its scheme. Once approved, the operator will cut the headcount to half of its existing workforce in India, Pravin Kumar Purwar, Chairman of BSNL <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/bsnl-eyes-to-cut-50-of-employees-on-voluntary-basis/articleshow/70972957.cms">told</a> ET. With this, the telco is looking to outsource employees on a contractual basis to run operations. However, even after retiring the said number, it will have as many as 100,000 employees on payroll. The move will boost revenue of the company as employees cost three fourths of its total revenue. According to the <a href="https://www.thenewsminute.com/article/bsnl-delays-august-salary-employee-unions-stage-protest-across-country-108293">Employee Union</a>, “BSNL revenues dipped from ₹32,000 crore to ₹ 18,000 crore. The government has not taken any meaningful action to curb the predatory pricing.” “The number of persons in the organisation are far higher than the competitors. One of the proposals under discussion is the VRS. We are looking forward to reduce 70,000 to 80,000 employees, and make it attractive for the employees, so that they can see value in the VRS," Purwar noted. It is also tightening costs by reducing its energy consumption by 15%. It is not just BSNL but all telcos are suffering from reduced income from data services, thanks to Jio’s prices. BSNL is looking to loop in 4G services to keep up with the financial costs. Meanwhile, the telco is also looking to address the payment dues as it is yet to pay its August salaries, The News Minute <a href="https://www.thenewsminute.com/article/bsnl-delays-august-salary-employee-unions-stage-protest-across-country-108293">reported</a>. This is the third time that the company has delayed salaries. In fact, over 6,500 BSNL’s employees in Telangana protested due to the delay in salaries. See also: <a href="https://www.businessinsider.in/the-fate-of-180000-bsnl-unpaid-employees-hangs-in-balance-as-fears-of-a-shutdown-loom-large/articleshow/69954923.cms">The fate of 180,000 BSNL unpaid employees hangs in balance as fears of a shutdown loom large</a> <a href="https://www.businessinsider.in/bsnl-employees-support-its-management-says-its-expanding-customer-base/articleshow/69967595.cms">BSNL employees support its management, says its expanding customer base</a> <a href="https://www.businessinsider.in/bsnl-and-mtnl-may-shed-flab-and-get-4g-spectrum-as-a-part-of-its-proposed-740-billion-bailout-package/articleshow/70054787.cms">BSNL and MTNL may shed flab and get 4G spectrum as a part of the proposed ₹740 billion bailout plan</a>

BSNL which is yet to pay August salaries wants to give an attractive retirement package to 80,000 employees

<ul><li>The debt-ridden telecom operator Bharat Sanchar Nigam (BSNL) is yet to make outstanding payments worth ₹200 billion to vendors. </li><li>This has put 100,000 jobs in the domestic telecom sector in trouble. </li><li>The workforce — including the off-roll employees are now planning to protest outside the Department of Telecommunications (DoT) for delayed salaries. </li><li>The government’s plan to merge BSNL and MTNL comes with a voluntary retirement plan for employees. Under this, the company will give away 125% of the remaining salaries until retirement. </li></ul>The debt-ridden telecom operator Bharat Sanchar Nigam (BSNL) is to make outstanding payments worth ₹200 billion to vendors. This means another 100,000 jobs in the domestic telecom sector are in trouble. “This is an unfortunate situation. More than 1 lakh employees of domestic companies may be out of their job in the next few weeks if the government continues to ignore the financially-stressed industry,” Sandeep Aggarwal, chairman of Telecom Committee at PHD Chamber of Commerce &amp; Industry<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/one-lakh-jobs-at-risk-as-vendors-struggle-to-get-rs-20000-crore-from-bsnl/articleshow/71903693.cms"> told </a>ET. The state-owned telco is now looking to reduce its operational costs. However, the unpaid dues left the workers and employees stranded. The telecom industry employs over 200,000 workers. In the last few months, BSNL has been paying salaries to its own 180,000 employees after a standard two-week delay. The workforce — including the off-roll employees are now planning to protest outside the Department of Telecommunications (DoT) for delayed salaries, ET <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/one-lakh-jobs-at-risk-as-vendors-struggle-to-get-rs-20000-crore-from-bsnl/articleshow/71903693.cms">reported</a>. “The telecom department has diverted funds payable to industry to meet out BSNL staff wages but no concern is displayed for several thousands of those employed in the private sector,” Aggarwal added. The companies demanding recovery of the unpaid dues include Sterlite Technologies (STL), Vihaan Networks Limited (VNL) and Birla Cable Limited (BCL) amongst others. This includes payment of telecommunication kits and other services extended to the telcos BSNL and MTNL. Over <a href="https://www.developingtelecoms.com/telecom-business/vendor-news/8906-vendors-hit-by-bsnl-and-mtnl-non-payment.html">1,100 complaints</a> have been registered against the company for outstanding dues. This is one of the highest for any public sector entity. Last month, the Narendra Modi government decided to <a href="https://www.businessinsider.in/policy/news/bsnl-and-mtnl-will-be-merged-and-employees-will-be-offered-voluntary-retirement-as-part-of-revival/articleshow/71721917.cms">merge the two telcos</a> — BSNL and MTNL. While the merger will take some time to be implemented, MTNL will be considered as a subsidiary of BSNL. This also comes with a voluntary retirement plan for employees. Under this, the company will give the employees 125% of the salary of remaining years until retirement. It is also tightening costs by reducing its energy consumption by 15%. It is not just BSNL but all telcos are suffering from reduced income from data services, thanks to Jio’s predatory prices. Now, BSNL is looking to offer 4G services to keep up with the times. See also: <a href="https://www.businessinsider.in/policy/news/bsnl-and-mtnl-will-be-merged-and-employees-will-be-offered-voluntary-retirement-as-part-of-revival/articleshow/71721917.cms">India decides to merge MTNL and BSNL and offer voluntary retirement to many of its employees</a> <a href="https://www.businessinsider.in/business/startups/news/bsnl-and-mtnls-74000-cr-plan-involves-purchasing-4g-spectrum-fees-and-vrs/articleshow/71705375.cms">BSNL and MTNL's ₹74,000 cr plan involves purchasing 4G spectrum fees and VRS</a> <a href="https://www.businessinsider.in/bsnl-which-is-yet-to-pay-august-salaries-wants-to-give-an-attractive-retirement-package-to-80000-employees/articleshow/70988909.cms">BSNL which is yet to pay August salaries wants to give an attractive retirement package to 80,000 employees</a>

100,000 people working with BSNL vendors are likely to go empty handed

<ul><li>State-run telecom firm <keyword id="30351" type="COMPANY" weightage="20" keywordseo="BSNL">BSNL</keyword>'s employee unions have called for a nationwide hunger strike on Monday, to protest against delay in execution of the Rs 69,000-crore revival package announced by the government.</li><li>In October 2019, the central government approved a Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme (VRS), as well as their merger.</li><li>The BSNL employees' body said that due to the delay in the allotment of 4G spectrum and also due to the non-availability of funds, it is understood that BSNL's 4G service is not likely to be launched before the end of 2020.</li></ul>State-run telecom firm BSNL's employee unions have called for a nationwide hunger strike on Monday, to protest against delay in execution of the Rs 69,000-crore revival package announced by the government. "The All Unions and Associations of BSNL (AUAB) is organising a country-wide hunger strike on February 24, 2020. This hunger strike is being organised to demand the expeditious implementation of the Union Cabinet's revival package in respect of BSNL, as well as to demand settlement of the grievances of the employees," AUAB said in a statement. In October 2019, the central government approved a Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme (VRS), as well as their merger. AUAB, , said the salient feature of the revival package is the allotment of 4G spectrum, the issuing of sovereign guarantee for raising funds to the tune of Rs 15,000 crore, with share of BSNL at Rs 8,500 crore and Rs 6,500 crore for MTNL, by way of issuing long-term bonds, monetisation of assets and implementation of a VRS. "Out of these, only the VRS has been implemented, through which 78,569 BSNL employees have been sent home. It is extremely disturbing to note that, even after the lapse of nearly 4 months, 4G spectrum has not been allotted to BSNL," statement said. It added that the government has not yet issued the sovereign guarantee to BSNL, to enable it to raise Rs 8,500 crore, by way of issuing long-term bonds. "The process of monetisation of BSNL's assets is also moving at snail's pace. The Supreme Court of India's judgment, with regards to the calculation of the AGR, has caused uncertainties in the telecom sector, due to which banks are also unwilling to extend the much-needed loans to BSNL," the statement said. The BSNL employees' body said that due to the delay in the allotment of 4G spectrum and also due to the non-availability of funds, it is understood that BSNL's 4G service is not likely to be launched before the end of 2020. "This delay is much against the spirit of the Union Cabinet, in approving the revival package for BSNL. The attention of the Minister of Communications (Ravi Shankar Prasad) has already been drawn to the need to provide BSNL with the much-needed working capital. However, nothing has happened," the statement said. AUAB said that despite the relief package, employees are not getting salary on time and the wages of the contract workers have not been paid for the past 10 months. "Under these circumstances, the AUAB has already organised country-wide lunch-hour demonstrations on February 11, 2020. In continuation of this, hunger strikes are being organised throughout the country on February 24 to urge the Department of Telecommunications and the BSNL management to take expeditious actions," AUAB said. PRS HRS See also: <a href="https://www.businessinsider.in/business/news/taxes-transfers-and-all-other-worries-that-dog-bsnl-and-mtnl-employees-as-they-decide-on-vrs/articleshow/71967148.cms">Taxes, transfers and all other worries that dog BSNL and MTNL employees as they decide on VRS</a> <a href="https://www.businessinsider.in/unpaid-bsnl-employees-react-to-the-current-crisis/articleshow/71063961.cms">An unpaid BSNL employee believes the company will survive the current turmoil</a> <a href="https://www.businessinsider.in/business/telecom/news/after-vrs-now-bsnl-will-now-slash-contract-worker-jobs/articleshow/72283164.cms">After VRS, BSNL will now slash contract worker jobs</a>

BSNL employee unions call for nationwide hunger strike on Monday for delay in relief package

<ul><li>Millions of government employees across multiple state-owned companies are either anxious, ready to protest and have even taken to roads — to make sure they get their due. </li><li>Thousands of employees have taken to roads, protesting over delays. </li><li>As many as 25,000 home guards in Uttar Pradesh police department lost their jobs overnight. </li><li><keyword id="86569" type="COMPANY" weightage="20" keywordseo="Hindustan-Aeronautics-Limited">Hindustan Aeronautics Limited</keyword> (HAL) also dismissed the employees' demand for higher wage revision saying that "workmen cannot be at par with officers on salaries and perks.”</li></ul>During bad times, there is nothing like a secure job — even when you are employed with the government. As many as two millions government employees across multiple state-owned companies are either anxious, ready to protest and have even taken to roads — to make sure they get their due. This is extra pain on the Indian economy as millions of blue collar jobs have already been lost in the last few months — across auto, textile and diamond polishing sectors. Delayed salaries and job cuts The worst-affected of all government employees are the 176,000 at telecom operator BSNL. In the last few months, the debt-ridden company has been paying salaries two weeks late. While the government is still mulling a bailout package, the employees are left in doldrums. Another 20,000 employees of <keyword id="2573" type="COMPANY" weightage="20" keywordseo="Air-India">Air India</keyword> are just as angry and anxious about their future. And, the government has already decided their fate — which is a sell-off. The pilots union has already told the government that they will go for mass resignations if the national carrier lands in the hands of a private entity — which is sure to downsize. Wage revisions are too little, too late As many wonder about the state of their employment, others are annoyed with delayed wage revisions. As many as 20,000 workers and a few officers of Bangalore-headquartered Hindustan Aeronautics (HAL) are protesting against low salary hikes. The company dismissed their demand for higher wage revision saying, "workmen cannot be at par with officers on salaries and perks.” “We hope this realization will percolate to the employees sooner to make them call off their indefinite strike," HAL Chief Financial Officer C B Ananthakrishnan told IANS. Employees of public sector banks — which employs nearly 800,000 people — also seem to be unhappy with the<a href="https://www.businessinsider.in/careers/news/salary-hikes-at-government-banks-ahead-of-diwali/articleshow/71473853.cms"> wage revision</a> as the bankers association decided to offer one month extra salary without reaching a consensus with the bank unions. They are expected to go on a strike on October 22. Interestingly, the wage revision was due since 2017 in both cases. State government employees lose jobs and hope The employees of state governments have their own set of problems. Over 49,000 <keyword id="2981720" type="COMPANY" weightage="20" keywordseo="Telangana-State-Road-Transport-Corporation">Telangana State Road Transport Corporation</keyword> (TSRTC) employees have been on a 12-day long protest, demanding salaries for September. But, not just delayed payments, job loss is hurting the most vulnerable of employees. As many as 25,000 home guards in Uttar Pradesh police department <a href="https://www.businesstoday.in/current/economy-politics/yogi-adityanath-govt-terminates-25000-up-police-home-guards-on-diwali-uttar-pradesh/story/384879.html">lost jobs</a> as the government could not afford to pay the salaries at par. And, the administration called it a ‘resource constraint.’ Abiding by the Supreme Court verdict, the department was liable to pay the increased salaries at ₹672 per day to the home guards — who are paid ₹500 as of now. But, it slashed the workforce to 65,000, in order to compensate for the hike. See also: <a href="https://www.businessinsider.in/bsnl-which-is-yet-to-pay-august-salaries-wants-to-give-an-attractive-retirement-package-to-80000-employees/articleshow/70988909.cms">BSNL which is yet to pay August salaries wants to give an attractive retirement package to 80,000 employees</a> <a href="https://www.businessinsider.in/business/article/air-india-could-be-grounded-for-lack-of-fuel/articleshow/71593551.cms">Weeks ahead of divestment, Air India faces multiple threats of being grounded</a> <a href="https://www.businessinsider.in/textile-workers-diamond-polishers-and-others-face-job-losses/articleshow/70977544.cms">The untold crisis to befall India’s artists, artisans and weavers</a>

Over 2 million government employees are angry, anxious and dejected over salaries, hikes and job security

<ul><li>Debt-laden telecom players BSNL and MTNL rolled out their retention package for employees, expecting over 80,000 employees to opt for it. </li><li>Over 22,800 already applied for <keyword id="6362193" type="ORGANIZATION" weightage="20" keywordseo="vrs">VRS</keyword>, as of November 7. </li><li>The telco has not yet credited the salaries of October and the management is planning mass transfers after implementing VRS. </li><li>As per the government retention plan, employees above 55 years of age will receive their pension until they turn 60.</li></ul>Within days of announcing the Voluntary Retirement Scheme (VRS), as many as<a href="https://www.thehindubusinessline.com/info-tech/over-22800-bsnl-staff-sign-up-for-vrs/article29911811.ece"> 22,800 BSNL employees</a> have opted for it. In fact, as many as 15,000 of them applied for it, on the <a href="https://www.businessinsider.in/business/news/over-15000-bsnl-employees-rush-to-opt-for-vrs-package-on-day-one/articleshow/71949954.cms">very first day</a>. That does not mean its employees are happy. The mood at the debt-laden telecom player is sombre. “We are still discussing the pros and cons of the VRS package. Most of us are confused because of the dubious future of the telecom operator. Our salaries were already delayed hence most of employees taking the VRS package don’t want to be stuck again,” a BSNL employee told Business Insider India. The two state-owned telecom players BSNL and MTNL rolled out their retention packages this week — expecting over 80,000 employees to opt for it. The government, which is bailing out these debt laden companies expects to save as much as ₹7,500 crore via VRS. This VRS package is only one part of the massive restructuring at that these companies —- which will be merged — will undergo. Rumours are doing the rounds that those who do not opt for the VRS package could be transferred, creating panic. Those who are opting for it are also stressing over the 30% tax that they will have to pay on the lump sum amount they will receive. The telcos employ nearly 200,000 people, out of which 121,000 are eligible to take VRS. Transfers complementing VRS The government is also planning to trim the retirement age of employees to 58 years. This is another pain point for employees who are already worried over delayed salaries, and changing terms of their employment. The telco has not yet credited the salaries of October and the management could be planning mass transfers after implementing VRS. “Concerns over mass transfers are looming large at all the BSNL and MTNL offices. The employees who aren’t taking the VRS option might have to transfer to a location decided by the management. This can also be one of the many reasons why people are taking the VRS option. Most of the people are settled with their families and don’t want to move just anywhere,” he added. Gone with the tax Those opting for VRS will receive almost half their salaries, in three installments. “As lucrative as it may seem, the employees availing the package will have to shed 30% of their advanced salary as tax. They are anyway going to get only half the salary as pension and the high rated tax doesn’t help in the long run,” a BSNL employee told Business Insider India. The VRS scheme will be available till 5:30 pm on December 3, 2019. The government infused ₹29,900 crore for VRS settlements and retirement liabilities of BSNL and MTNL. See also: <a href="https://www.businessinsider.in/careers/news/100000-people-working-with-bsnl-vendors-are-likely-to-go-empty-handed-even-as-the-government-compensates-the-employees/articleshow/71916430.cms">100,000 people working with BSNL vendors are likely to go empty handed</a> <a href="https://www.businessinsider.in/business/news/bsnl-and-mtnl-vrs-package-announced-121000-employees-are-eligible/articleshow/71920815.cms">BSNL’s VRS package is out and valid till December 3 — and over half of all employees are eligible</a> <a href="https://www.businessinsider.in/business/news/over-15000-bsnl-employees-rush-to-opt-for-vrs-package-on-day-one/articleshow/71949954.cms">Over 15,000 BSNL employees rush to opt for the VRS package on day one</a>

Taxes, transfers and all other worries that dog BSNL and MTNL employees as they decide on VRS

<ul><li>Bharat Sanchar Nigam (BSNL) whose debt of ₹130 billion has piled up.</li><li>Fear has gripped 1.8 lakh employees of the company as their June salaries are yet to be paid.</li><li>The company has written to the telecom ministry, seeking help from government.</li></ul> Nothing short of a bailout from the government can help the state-owned telecom operator Bharat Sanchar Nigam (BSNL). The company has a debt of ₹130 billion piled up leaving no funds for salaries. Just a few days back, the company which owns licence to offer telecom services across the country, except Delhi and Mumbai, asked a handout from the government to pay ₹8.5 billion in salaries. For the last one month, fear has gripped 1.8 lakh employees of the company as their June salaries are still pending. Their benefits have been pending for months now. In fact, contractual workers of the company are in a much tougher position as their salaries have been pending for the last seven months. Such workers in Amritsar have already staged a protest demanding salaries. Added to that, a bunch of them lost their jobs in early June, after the company decided to retrench 30% of its contractual staff to cut down ‘avoidable expenditure’,”<a href="https://www.newsclick.in/BSNL-asks-circles-retrench-30%25-contractual-workers"> says a report</a>. In the meanwhile, the company has written to the telecom ministry early last week elucidating its troubles. "The gap between monthly revenues and bare expenses to continue operations as a going concern has reached a level where continuing with the BSNL operations would be nearly impossible without immediate infusion of adequate equity," Puran Chandra, senior general manager at BSNL<a href="https://www.businesstoday.in/sectors/jobs/bsnl-no-funds-june-salaries-to-pay-employees-bharat-sanchar-nigam-limited-modi-government/story/358576.html"> reportedly wrote in the letter.</a> BSNL has also sought a fund of ₹25 billion to keep itself afloat. The state-owned player’s problems started after private telecom operators started eating into the market. In spite of spectrum, assets and legacy, the player, which was amongst the top players in 2005, dropped spots rapidly by the end of 2010. Added to that, the government also delayed its plans to place a tender to upgrade its networks for years, leaving the company in an uncompetitive space. In the past, the government had considered many ways to salvage BSNL, and one of them being a merger with yet another state-owned company MTNL. Yet, none of them materialised. For years, BSNL has also been requesting the government to allow them to monetise its vast real estate assets across the country. Department of Telecommunications however <a href="https://www.financialexpress.com/industry/monetising-assets-bsnl-wants-to-sell-lands-which-it-does-not-own/1031849/">shot down the proposal </a>saying that it is the government which owns these assets and not BSNL, hence it is impossible to sell them.

The fate of 180,000 BSNL unpaid employees hangs in balance as fears of a shutdown loom large

New Delhi, Dec 3 () State-owned telecom firm BSNL has urged the telecom department to deploy adequate number of senior ITS officers on key managerial position to ensure uninterrupted service to its customers.
The company has rolled out voluntary retirement scheme to reduce the number of employees and related expenses.
The BSNL has also raised concern before the Department of Telecom about favourable orders being issued by it for repatriation or deputation of some employees to other organisations, which is creating indiscipline among certain quarters of the deployed officers.
After the announcement of VRS, BSNL Human Resource Director Arvind Vadnerkar has written to the DoT citing its Chairman and Managing Director PK Purwar request in July for deployment of 200 additional ITS officers apart from existing 550 personnel already deployed at the organisation on important senior managerial positions at the public sector firm.
"BSNL is passing through a crisis situation where manning all the key managerial position is the need of the hour for ensuring uninterrupted service to valuable customers in the best business interest of the company," Vadnerkar said in the letter.
The government in October approved a Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme, as well as their merger.
Vadnerkar said that periodical change in the posting of officers is desirable to meet urgent manpower requirement across the field but some officers engage with the DoT to seek favourable order to stay in the circle or area where they were posted.
The BSNL HR Director said there are some 32 ITS (Indian Telecommunications Service) officers seeking their relieving from BSNL, who have either been selected for deputation or to be repatriated back to DoT in accordance with the orders of the department.
"Such a tendency of circumventing orders of competent authority in BSNL shows growing evidence of indiscipline among certain quarter of deployed officers," Vadnerkar said.
According to ITS Association, the officers deployed at BSNL by the DoT have repeatedly expressed concern over the delay in payment of salaries, dues and discriminatory treatment meted out to them at the organisation demotivates them to work for the PSU and therefore demanded their repatriation.
The association representatives said that the BSNL is running short of officers because it has offered VRS to 803 senior level officers out of which 458 have opted for it.
"When BSNL needs Grade A level officers to man important position, the management should have not offered them VRS. Instead of demanding ITS officers from the DoT, BSNL should send back around 550 ITS back to the department. This will help them in saving of over Rs 500 crore," ITS Association President PK Jain said.
Total, one lakh BSNL employees are eligible for the Voluntary Retirement Scheme (VRS) out of its total staff strength of about 1.50 lakh. The effective date of voluntary retirement under the present scheme is January 31, 2020.
Over 92,000 BSNL and MTNL employees have opted for VRS. BSNL is looking at a savings of about Rs 7,000 crore in wage bill, if 70,000-80,000 personnel opt for the scheme. PRS PRS BAL
BAL

BSNL seeks more senior technical officer to ensure uninterrupted service

New Delhi, Nov 28 () The government on Thursday said it is not planning to reduce retirement age of employees of state-owned telecom firms BSNL and MTNL to 50 years.
 "The government is not planning to change the retirement age of BSNL and MTNL employees to 50 instead of the current age of 60," Minister of State for Communications Sanjay Dhotre said in a written reply to a question in the Rajya Sabha.
 The minister also responded on delay in payment of salary at BSNL and MTNL.
 "BSNL has informed that salary to its employees has been paid up to the month of September 2019. MTNL has informed that salary to its employees is paid up to the month of August 2019. The delay in salary payment is due to financial constraints faced by these two companies," Dhotre said.
 Recently, BSNL employee unions alleged that the management is threatening employees of reduction in retirement age to 58 years and far away postings if the employees don't opt for voluntary retirement scheme (VRS).
 In a reply to a separate question in the Upper House, Dhotre said the government at present has no proposal under consideration to sell or privatise BSNL and MTNL.
 For revival of both the loss-making firms, the government had last month approved Rs 29,937-crore package, comprising Rs 17,169 crore on account of ex-gratia on VRS and Rs 12,768 crore due to preponement of pensionary benefits spread over a period of 10 years through budgetary allocation for VRS.
 "Full cost of spectrum (excluding goods and services tax) of Rs 14,115 crore for BSNL and of Rs 6,295 crore for MTNL will be funded by the government through equity infusion and subscription to non-cumulative preference shares, respectively. GST component of Rs 3,674 crore on the cost of spectrum will also be funded through budgetary allocation from the government," Dhotre said.
 The government has also approved sovereign guarantee bonds of Rs 15,000 crore to be raised and serviced by BSNL and MTNL, he said. PRS HRS

Govt not planning to reduce retirement age in BSNL, MTNL to 50: Dhotre

<ul><li><keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> is expected to post a flat or a minor decline in constant currency revenues for Q3 on sequential basis.</li><li>It’s expected to post a slight improvement in EBIT margins due to operating leverage and cost efficiencies.</li><li>The street will watch out for deal commentary, deal conversion, client decision making and pricing trends. </li></ul>IT bellwether, TCS, will kick off the Q3FY24 earnings season on Thursday evening and is expected to declare flat revenue growth as compared to the last quarter. Like most of its peers, its revenues for the quarter would be impacted by furloughs, lower discretionary spends and delay in deal ramp up. It's not all dark, however. Amongst the top three IT majors, TCS is the only one expected to finish off the third quarter with a green topline. Its peers – Infosys and <keyword id="19945574" type="General" weightage="20" keywordseo="wipro" source="keywords">Wipro</keyword> both of which are expected to report decline in revenue during the quarter. “Expect TCS to report flat revenue growth, backed by strong order inflow of the last 3 quarters. The headwind will likely be continued compression in the existing book of business (albeit much less than in earlier quarters). In our view, it is also likely to face higher than normal furloughs due to its large exposure to the BFSI sector,” said a report by <keyword id="20140868" type="General" weightage="20" keywordseo="nirmal-bang" source="keywords">Nirmal Bang</keyword> Institutional Equities. In spite of large deal ramp-ups including BSNL deal, it’s expected to see offsets from furloughs and ongoing revenue leakage. The entire sector is expected to see anywhere between slight revenue growth to decline in Q3, as it’s the season of high furloughs. Due to the slow conversion of deals to revenues and clients’ tight fisted nature towards discretionary spending are to keep the furlough effect even deeper this fiscal year. <keyword id="3203535" type="General" weightage="20" keywordseo="tcs-q3-earnings" source="Orion">TCS Q3 earnings</keyword> forecast (QoQ) <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDBI Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CC Revenues </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.3% </td></tr></tbody></table>Source: Brokerage reports What will the street watch out for? The company is expected to see cross-currency headwinds to the tune of 75 basis points during the quarter, but the street expects few surprises from the company. It’s also expected to see a strong deal pipeline in the December ending quarter, as seen in the first half of the year. “The deal pipeline should remain resilient, especially in the UK regions, while the US and Europe continue to stay on a weaker trajectory,” said Motilal Oswal. Its margins and profitability are also much safer than its peers, as did not go for year-end salary hikes like Infosys. It’s expected to post a slight improvement in margins during the quarter. Jefferies says that its earnings before interest and tax (EBIT) margins are likely to improve by 28bps quarter-on-quarter largely due to operating leverage, cost efficiencies and net currency benefits. We expect order intake to remain healthy “With subcon costs already at multi-quarter lows and in line with pre-pandemic times (6.8-7.0%), margins will improve on the back of pyramid restructuring, higher offshoring, higher utilization and driving efficiencies in discretionary expenses,” said Nirmal Bang. What will the street watch out for? The street will keenly watch out for demand commentary from the company management, as it has a high exposure to the stressed BFSI segment. Most brokerages expect its deal wins to remain range-bound due to slower decision making, without any more mega-deal announcements. “Would watch for strategy of CEO to drive growth; TCV (total contract value) of deal wins; deal pipeline conversion trend; hiring and offshoring; commentary on long term digital trends; trends in generative AI,” said a report by IDBI Capital. Analysts are also hoping to see if they will give any indications on macroeconomic situation, client decision making and pricing trends, along with outlook on 2024 IT budgets.

TCS to kick off Q3 earnings with street glued to strategy and deal commentary

<ul><li>The government set a target to raise ₹1,05,000 crore by selling stakes in public sector companies </li><li>Will look at consolidation of non-finance PSUs, says FM </li><li>Will revive plans to sell stake in <keyword id="2573" type="COMPANY" weightage="20" keywordseo="Air-India">Air India</keyword>. </li></ul>The government set a target to raise ₹1,05,000 crore by selling stakes in public sector companies, the Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> said. The government will also revive the plan to divest stake in loss-making Air India. “We will look at bringing private participation in more central public sector enterprises. We will also look at consolidation in public sector, in the non-finance sectors as well,” she said. This move has been predicted by many experts who have been pushing for strategic asset monetisation which has been delayed in the last term of <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>. This time, with the current state of fiscal deficit at 5.8% in 2018-19, there are few excuses to delay it. Many new and innovative financial instruments have been launched in the last five years, and there have been successful in making money from brownfield assets which are basically established or 'built' assets. "India has had a reasonable success in brownfield asset monetisation and several InvITs (investment trusts)t and one REIT transaction have already been completed. Additionally, NHAI carried out one toll project transaction as well. The cumulative resources garnered through these instruments and model exceed 24,000 crore," she said. Divestment is the best way for the government to make money, and also offload its stake in companies. As CEO of NITI Aayog Amitabh <a href="https://www.moneycontrol.com/news/business/economy/asset-recycling-divestment-immediate-measures-that-govt-must-consider-amitabh-kant-4168831.html">Kant says</a>, that the government is sitting on a lot of assets which can use new owners and bring in efficiencies into the system. This will solve the problem of government having to bail out large troubled companies. On the top of the list are BSNL with highest expected losses of ₹ 138.04 billion for the year. Air India and MTNL too occupy second and third spots amongst most expected losses. The debt of these companies has been making it tough for them to function along with many policies that stifle their growth. Most of them including BSNL and Air India scramble for money to pay salaries every month. The country is also expected to divest stakes in at least three brownfield assets, with no liabilities. However, the proposal to divest stakes could be expedited by the government. SEE ALSO <a href="https://www.businessinsider.in/bsnl-and-mtnl-may-shed-flab-and-get-4g-spectrum-as-a-part-of-its-proposed-740-billion-bailout-package/articleshow/70054787.cms">BSNL and MTNL may shed flab and get 4G spectrum as a part of the proposed ₹740 billion bailout plan</a>

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