I would say that the Voluntary Retirement Scheme or VRS are just a tactic used by organisations to reduce the number of employees. My uncle took VRS when he was 52 years old and moved to Bangalore permanently from Delhi. People take VRS and a bulk of money and leave the company but let me tell you that the company or organisation is not the sole decision maker. The employee too has to approve of it.
VRS can be taken by an employee who has worked for a minimum of 10 years and is above 40 years of age.
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What are the benefits of Voluntary Retirement Scheme?
Some benefits of VRS are:
It is an easy and effective way to reduce the number of employees without much chaos
The process is transparent and has no discrepancies
Reduce the company’s overall cost
There are no inconsistencies in the process and both the employee and employers gain benefits from this.
Some criteria to avail the scheme are:
The employee must be above 40 years
Working for 10 years is compulsory to avail this scheme
All the employees can avail this scheme except the Director of the company or a cooperative society
This is all I know about the Voluntary Retirement Scheme.
Read More:Who is eligible for Atal Pension Yojana Scheme?
Does Atal Pension Yojana comes under tax benefit scheme?
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Authors Of The Question
What Is Voluntary Retirement Scheme?
Shormi
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2 Year
2022-08-17T09:37:51+00:00 2022-08-17T09:37:52+00:00Comment
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