Over View of Voluntary Reteirment Scheme

Hello I want to know about Voluntary Reteirment Scheme .So can you give me details about this ?

Here I am giving you details of Voluntary Reteirment Scheme:

Under the following circumstances a business firm may opt for a voluntary retirement scheme:-
Due to takeovers and mergers.
Due to intense competition, the establishment becomes unviable unless downsizing is resorted to.
Due to joint-ventures with foreign collaborations.
Due to recession in the business.
Due to obsolescences of Product/Technology.

Definition:
Voluntary retirement scheme is a method used by companies to reduce surplus staff. This mode has come about in India as labour laws do not permit direct retrenchment of unionized employees.

Description:
VRS applies to an employee who has completed 10 years of service or is above 40 years of age.
It should apply to all employees , including workers and executives of a company or of an authority or of a co-operative society, excepting directors of a company or a co-operative society.

To know more details about Voluntary Retirement Scheme (VRS) for the employees of Public Sector Undertakings you can download the attached file below:

Attached Files Available for Download

Voluntary Retirement Scheme (VRS) for the employees of Public Sector Undertakings.pdf (33.2 KB, 34 views)