The voluntary retirement scheme(VRS) is the mosthumane technique to provide overall reduction in theexisting strength of the employees.
It is also known as 'Golden Handshake‘.
It allowed employers to offer voluntary retirementschemes to off-load the surplus manpower and nopressure is put on any employee to exit.In this an employee take retirement before the time forany genuine reason .
History of VRS up to the date of implementation bythe respective PSBs, which commenced on01.09.2000.
Initiation taken by SBI
Government of India, Finance Ministry also approvethe VRS
Now many public sector & private Sectororganizations opt the VRS