Vrs

The Unified Pension Scheme promises clarity on voluntary retirement, payout timelines, and assured benefits, but employees must understand the rules before opting in.

Popular footwear brand Bata launches VRS scheme at Karnataka unit

Bata India said that it believes that implementation of the VRS will be mutually beneficial to the workmen and the company.

Tata Group cannot retrench Air India staff for at least one year, VRS from second year onwards: Govt

The Tata Group will have the option to offer employees of Air India a voluntary retirement scheme if they look to retrench employees after this period.

Central PSUs are increasingly hiring casual workers as regular employee numbers fall

The share of non-permanent workers and employees in CPSEs has rapidly increased since 2015-16 as more and more employees on the rolls seek VRS.

BSNL, MTNL may 'rehire' retired employees to fix staff shortage after VRS: Report

Nearly a half of BSNL employees and 80 percent of MTNL employees took the VRS option in 2019.

Commerce Ministry seeks financial support from FinMin for VRS scheme of MMTC

According to sources in the Commerce Ministry, which is the nodal ministry of MMTC, the ministry has sent a proposal regarding this to the Finance Ministry.

SBI introduces new voluntary retirement scheme

If 30 percent of the eligible employees opt for the new scheme, the bank expects net savings of around Rs 2,170.85 crore

BSNL, MTNL release over Rs 10,000cr for VRS employees

A total of 78,569 employees of BSNL and 14,387 staffers of MTNL have opted for the voluntary retirement scheme (VRS) which closed on December 3, 2019.

93,000 retired MTNL, BSNL staff to get ex-gratia plus pension pay-out under VRS: Report

The government has decided to give out ex-gratia payment for only 40 months

BSNL eyes Rs 1,300cr savings this fiscal after VRS becomes effective: CMD

"On the VRS (voluntary retirement scheme), on January 31, 2020, it will be effective. Our goal is that people who have applied for VRS, their application should be considered and approved..." BSNL Chairman and Managing Director P K Purwar told reporters.

Slowdown forces aggressive cost cuts at Tata Motors, co may offer VRS to 1,600 employees

The scheme will be offered to employees of different departments, across its businesses of passenger and commercial vehicles, sources said

BSNL employees unions call for hunger strike today

All India Unions and Associations of Bharat Sanchar Nigam Limited (AUAB) Convenor P Abhimanyu said the management is threatening employees with reduction in the retirement age to 58 years and far away postings if the employees don't opt for VRS

Government dials wrong number in bailing out PSU telecom giants

It’s time for the government to cut its losses

DoT tells MTNL to cut retirement age to 58 before seeking VRS support

Reduction in the retirement age will automatically bring down the number of people eligible for VRS and hence save the government some cash

VRS at sick public sector cos likely to gain pace after Modi govt sweetened offer

In a bid to speed up the process of closing down sick central public sector enterprises (CPSEs), Modi government has sweetened the package for employees opting for Voluntary Retirement Scheme (VRS) by giving them attractive compensation at 2007 notional pay scale.

Tata Motors launches VRS scheme for 500 execs: Srcs

Tata Motors, largest manufacturer in the Indian automotive industry, is planning a big organisational restructuring, according to sources. The company will launch VRS scheme for those employees who wouldn't be absorbed in the new management.

Ahead of merger, SBI arms to offer voluntary retirement to staff

State Bank of India‘s (SBI) five associate banks will offer voluntary retirement schemes (VRS) for their employees before the date from which the merger will be effective. The date for the merger is yet to be notified.

Cabinet approves sale of surplus land of 4 pharma PSUs

Government today approved sale of surplus land of four pharmaceutical public sector undertakings to meet their outstanding liabilities, after which steps to close two units will be taken up.

Restructuring two-wheeler biz, 250 workers given VRS: Mahindra

Homegrown auto major Mahindra & Mahindra is restructuring its two-wheeler business after the division failed to meet its expectations and has given voluntary retirement scheme to 250 workers as part of the process.

Expect operational profits by next fiscal year: MTNL

High salary and interest costs have hurt MTNL. It plans to cut salary costs by coming up with a Voluntary Retirement Scheme (VRS), says NK Yadav, CMD, MTNL.

Govt likely to shut down 3 HMT units, Tungabhadra Steel

Moving closer to shutting down five ailing PSUs, the government today said it has submitted closure proposals related to four companies including three HMT units and Tungabhadra Steel to CCEA for approval.

Govt implements OROP; will cost exchequer Rs 8-10k cr

One Rank One Pension will be effective from July 1, 2014, while the base year will be 2013. Pension will be revised every five years

Plant shutdown will not impact product supply, says Pfizer

Pharmaceutical firm Pfizer says no impact will be felt on product supply due to closure of the plant.

Tata Motors' offers VRS to workers

The firm‘s domestic business has been under pressure for a while now. In the third quarter, it posted a loss of over Rs 2,100 crore on a standalone basis.