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If the employee gets retirement under the VRS, they will get the benefit of the VL encashment,
Providential Fund, the benefit of transfer, and Gratuity,
It is a humane technique, which is used to decrease the manpower legally,
In this intense competition world, it is important for the company to manage the staff, for the
growth purpose, and the save money prospecting.
After retirement, an employee will get the benefit of some of the compensation of some of the
amount which is tax-free.
An employee who takes VRS also gets some facilities like rehabilitation, counseling services, etc.
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The employee can take retirement before the date of the retirement date, there are some terms
and conditions are applicable.
This scheme is only for those employees, whose age is more than 40 years, or completed at least
10 years of the services.
The scheme covered both the private and the government sectors.
The VRS is also beneficial for the company, it reduces the employment cost, and increase the
management of the employee in the companies.
The candidate who gives VR is not allowed to join another firm with the same type of sector.
VRS is not a right of the employee.
Standards to Apply for VRS
Forms/ Minimum Notice Non-
Eligibility Acceptance
Rule services period Acceptance
The VRS can be calculated on the basis of the last withdrawal salary.
The three-month salary is equal to the VRS amount of every completed service year.
You can calculate it y another method as well, multiple the retirement salary to the days left of the
actual retirement.
Why VRS offered by Employer
Both the Private and the Government sector, the VRS can be followed in one of the following reasons
which are mention below:
At the time of the Recession,
When competition is high,
Foreign collaboration
Mergers of the companies
take over of the company,
When an employee not updating their knowledge about technology or the product.
Why VRS offered by Employee
Employees ask for VRS probably when they want to career change, or they have some good
career change opportunity.
When Employees are satisfied by their growth rate in the company
Reason for Accepting VRS by Employee
The employees accept the VRS, probably one of the following reasons, which ae given below:
No Job Satisfaction,
Health Issues of the employee,
Due to financial reasons,
Got better Job or career opportunity,
Voluntary Retirement Scheme: FAQs
Is I will get the pension, if I will take VRS?
The employee will get the benefit not only for pension, but also took the advantage of gratuity, or PF.