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STEEL AUTHORITY OF INDIA LIMITED - IISCO STEEL PLANT

Personnel Department: Central Functions
7, THE RIDGE, BURNPUR
PL/PR&IR/2017/281 Dated : 15/06/2017

CIRCULAR

Sub : Voluntary Retirement Scheme – 2017

A Voluntary Retirement Scheme based on SAIL Corporate Office Letter No. PER/MPP/VRS-2017 dated
07/06/2017 is hereby implemented in IISCO Steel Plant, Burnpur.

The Voluntary Retirement Scheme – 2017 (Annexure – I) and the format for application (Annexure –
II) are enclosed. The eligible employees are hereby requested to submit their application in
prescribed format in triplicate at their respective Personnel Office. Application forms will be available
with concerned Personnel Officers and ISP portal.

The scheme will be operational in ISP from 15th June 2017 to 30th September, 2017.

VR applications shall be accepted up to 20th of the month in which release is sought.

This issues with the approval of Competent Authority.

(R Banerjee)
AGM(Pers-CF & HRIS)
Distribution :
1. All EDs
2. All GMs
3. All HODs
4. DGM(Vigilance) & ACVO / DGM(Tech.), CEO’s Sectt. / DGM (PR)
5. AGM(F&A)- Pay / AGM(Pers), CEO’s Sectt.
6. All Executives of Personnel Department

Copy forwarded to : President, IOA
Copy forwarded to : General Secretaries
1. Asansol Iron & Steel Worker’s Union, Burnpur
2. ABK Metal & Engg. Worker’s Union, Burnpur
3. United Iron & Steel Worker’s Union, Burnpur
4. Burnpur Ispat Karmchari Sangh , Burnpur
5. Iron Steel & Engg. Worker’s Union, Burnpur

01. The VR compensation will consist of salary of 35 days for every completed year of service and 25 days for the balance of service left until superannuation. vii. Salary for the purpose of VRS will consist of Basic Pay and D. Repayment of Loans Employees availing VR shall be required to repay outstanding loans/advances with interest and it may be adjusted from VR compensation /leave encashment/gratuity.or 250 days salary whichever is higher. Transfer benefits for self and family as admissible under the ‘Travelling Allowance Rules’ on superannuation. BURNPUR Voluntary Retirement Scheme -2017 1. The VR compensation amount shall be paid on lump sum basis.f. the VR compensation amount shall not exceed the sum of the salary that the employee would draw at the prevailing level for the balance of the period left before superannuation. Annexure -I STEEL AUTHORITY OF INDIA LIMITED IISCO STEEL PLANT. Objective To achieve manpower optimization for effective utilization of human resources. iii. . ii. v. being drawn on the date of release. iv. However. Dinner set and Service Certificate shall be given at the time of farewell. 4. ix. granting of Voluntary Retirement shall be at the sole discretion of the Management. Medical facilities for self and spouse as available on superannuation. Benefits under the Scheme (3) An employee whose offer of Voluntary Retirement is accepted will be entitled to the following benefits(4): i.e. Enhanced VR compensation on account of any increase in wages / salary consequent to wage revision shall be payable. Eligibility Employees who have put in 15 years of service (2) or more in SAIL and are 45 years of age or more. The compensation will be subject to a minimum of Rs 25. vi. Gratuity and leave encashment.A. 3. Salary for VRS and consequently ex-gratia/VR compensation shall be calculated on the basis of 30 days in a month.01. only. cost reduction and quality of work life. Provident Fund-As admissible under the Rules.2017 and applicable DPE guidelines. Scope The scheme shall apply to regular/permanent SAIL employees(1). 2. viii. as provided on superannuation. improved productivity. subject to terms and conditions of the wage / salary revision due w. However. as per the rules of the Company. 5.000/.

approved by the competent authority. 2017. The VR application cannot be withdrawn after the same has been accepted.(6) i. iv. Tax Payment The Voluntary Retirement benefits shall be subject to income tax as per the rules. Re-employment An employee availing of voluntary retirement under this scheme will not be eligible for re- employment in any of SAIL Plants/Units. Employees whose VR application has been rejected by the Screening Committee may appeal before the Appellate Committee.e. Competent Authority will have full discretion to accept or reject the request from an employee for voluntary retirement. Applications received from employees for VR shall be examined by the Screening Committee at plant/unit level and shall be recommended for accepting/rejecting. 7. Right of Management I. II.6. If he/she desires to take up employment. Procedure(5). Tenure The scheme will be implemented for a period from 15th June . Once an employee avails of voluntary retirement from SAIL. An eligible employee shall submit an application for voluntary retirement under the scheme to the competent authority through proper channel in the prescribed format. 11. ii. Pension An employee availing of VR under the scheme shall be eligible to benefits under the SAIL Pension Scheme subject to fulfillment of terms and conditions. ****************** . the scheme does no confer any right on any employee to have his or her request for voluntary retirement accepted by the Competent Authority. 2017 to 30th September. Notwithstanding any of the aforesaid provisions. subsidiaries or joint ventures. 9. SAIL reserves the right to extend/limit the period of operation of the scheme or to withdraw and re-introduce the scheme. The Chairman. iii. he/she shall not be allowed to take up employment in other PSU. and to modify/alter/amend the scheme in any manner without any notice and without assigning reasons therefore. 8. 10. i. he/she shall have to return the VRS compensation received by him/her to SAIL.

5. 6. For reckoning of benefits. In case of acceptance of VR by competent authority. Employee shall submit application in prescribed form to respective Personnel Executive. An acknowledgement shall be given to the employee. all other formalities including vigilance clearance requirement shall be followed as per the rules before release of the employee. Non-executive & executives up to E-4 grade Chief Executive Officer Executives in E-5 & above grades Chairman 4. The following are the Competent Authority for accepting of VR. 2.Explanatory Note : 1. sponsorship and on lien/deputation etc. Service shall mean continuous service as per the Gratuity Rules of SAIL. . date of release shall be the relevant date. Employees under ‘Bond’ consequent to training/study leave. 3. are not eligible.

ISP w. I also understand that I shall not be eligible for future employment in SAIL and its Subsidiaries or Joint Ventures. D D . : 4. PL/PR&IR/2017/281 dated 15/06/2017.Date of Joining ISP : M M .2017 / 31.com) : 15.Basic Pay : 11. I want to avail the benefit of VR Scheme 2017 and request that I may be released from the Services of SAIL.Reasons for seeking VR : It is hereby declared that I have fully understood the VR Scheme-2017 and undertake to abide by all the terms and conditions of the said scheme. Place : (Signature of applicant) Date : (Name of applicant) Verified that the details as filled by the applicant at Sl. relevant particulars are furnished below: 1. PP (if any) : 12.f.Name (in block letters): 2. With reference to Circular No. 1 to 9 are correct as per personal records of the applicant. Y Y Y Y M M . Annexure -II STEEL AUTHORITY OF INDIA LIMITED IISCO STEEL PLANT. Burnpur. (other than CUG in case of executives) 15. Mobile No.09.06. e-mail id (other than @sailisp.SAIL PNo.Date of appointment : 9. (Signature of Personnel Officer) (Seal of Personnel Officer) Date: Member Secretary(Screening Committee) . D D .Grade : 7.Address for communication : 14.2017 under VRS-2017. I further understand that after availing voluntary retirement from SAIL.2017 / 31. I shall not be allowed to take employment in any other PSU and in case I desire to do so. 3.2017 / 30.e.Department & Section : 6.Date of Birth: 8.07.08. I hereby undertake to return the amount received as VRS compensation to SAIL. Y Y Y Y 10.Designation: 5.Pl No. Through Proper Channel Subject : Voluntary Retirement Scheme – 2017 Dear Sir / Madam. 30. No. DA: 13. D D . In this regard. BURNPUR To ___________________ (Personnel Officer) IISCO Steel Plant. Y Y Y Y M M .