HP HR Policy

Retirement Benefits
Retirement benefits
HPCL HRis dedicated to ensure effective catering
of committed post-retirement benefits to the
retired employees. Pre-retirement workshop is
conducted for all categories of employees on
financial management and other post-retirement
issues. Periodically agreed pension plans and
medical assistance are also in place. HPCL HR is
committed to take progressive steps continually
and see a bench mark in the industry to delighting
stakeholders in a transparent and effective
manner.
 Two Plans
There are two HP pension plans. For years before 1993, the Deferred Profit Sharing Plan (DPSP)
applies. It is a defined contribution plan. Every year before 1994, HP put a percentage of profits into
the plan and your current value and future pension amount rose based on the investment growth of the
plan.
The other plan is the HP Retirement Plan (RP). It is a defined benefit plan that covers the years after
1993 and puts a floor on the benefits before 1993.
That is, if you have years of service under the DPSP plan, when you retire they calculate the pension
benefit you would get from DPSP and the pension benefit you would get for those years under
RP.When people say that the HP retirement amount goes up just at an interest rate growth, that applies
to the RP plan.
If one took Enhanced Early Retirement (EER), a separate rule applies to the EER bonus.