Voluntary Retirement Scheme (VRS) :
The Voluntary Retirement Scheme (VRS) is the latest mantra of many a corporate and Public sector units. The company may decide to declare a VRS based on their HR plan and suitability. For common salaries individual this becomes a major decision. The company as per their human resource policy declares VRS or the Voluntary Retirement Scheme.
VRS is a scheme whereby the employee is offered to voluntarily retire from his services before his retirement date. Subject to certain conditions the company offers VRS to its employees. It is the golden route to cut the excess flab. The most human technique to retrench the employees in the company today is voluntary retirement skill. It is the golden hand shake for the employees and the only option today for the companies is to downsize their head count. The scheme which is formally permitted by the department of public enterprises and which provides the lucrative way for the employees to terminate their services and accept VRS.
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