|Calculation| Voluntary Retirement Scheme 2023: VRS Benefits, Features

Short Info: स्वैच्छिक सेवानिवृत्ति योजना 2023 लाभ, गणना, सुविधाएँ, उद्देश्य और पात्रता – [Apply Online] Voluntary Retirement Scheme (VRS) 2022 in Railway Modified, State & Central Govt Employees Download PDF, PPT, DOCS – Voluntary Retirement Scheme Process, Online Registration, Application Form PDF Download, salary, pension, Eligibility, Payment/ Amount Status, Features, Benefits and Check Online Application Status at Official Website.

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स्वैच्छिक सेवानिवृत्ति योजना 2023: Voluntary Retirement Scheme, Rules, News Update

Voluntary Retirement Scheme 2023

Summary: VRS stands for voluntary retirement scheme, whereby an employee is offered to voluntarily retire from services before the retirement date. Voluntary retirement scheme is a method used by companies to reduce surplus staff. This mode has come about in India as labour laws do not permit direct retrenchment of unionized employees.

All Applicants who are willing to apply online application then download the official notification and read all eligibility criteria and application process carefully. We will provide short information about the “Voluntary Retirement Scheme 2023” like Scheme Benefit, Eligibility Criteria, Key Features of Scheme, Application Status, Application process and more.

Voluntary Retirement Scheme Process: State & Central Govt Employees

Companies also offer benefits packages to the employees who opt for VRS. For example, the scheme may also include counseling session for the employee’s future; advice on managing funds received under VRS; firms may offer rehabilitation facilities to staff, etc.

All Eligible Applicants who want to apply this scheme then read all instructions carefully and follow the given below steps to apply online application form:

Procedure to Apply Online Voluntary Retirement Scheme Application Form 2022

• The eligible employees who desire to seek Voluntary Retirement may apply to the competent authority through his/her Head of the Dept. in the prescribed format.
• The decision of the competent authority regarding the acceptance/rejection of the VR application shall be communicated to the employee within 30 (thirty) days of submission of the application.

VRS Calculation

VRS calculation will be done in the following way.

1. The last drawn salary is the basis of all calculations related to VRS.
2. The VRS amount is limited to an amount that is equal to three months’ salary of each completed year of service.
3. Or in another way of calculation is the salary at the time of retirement multiplied by the rest of the months of service before normal retirement.

Voluntary Retirement Scheme Eligibility Criteria

Voluntary Retirement Scheme 2023: Eligibility, salary, pension, other benefits

Voluntary retirement Direct Retrenchment

How did the voluntary retirement scheme come about in India?

Indian labour laws do not allow direct retrenchment of employees under a union.

According to the Industrial Disputes Act, 1947, employers cannot reduce excess staff by retrenchment. In fact, any plans of retrenchment and reduction of staff and workforce are subjected to strong opposition by trade unions. So, VRS was introduced as an alternative legal solution to solve this problem. The voluntary retirement scheme was not vehemently opposed by the Unions, because it is ‘voluntary’ in nature and not compulsory.

Situations In Which Voluntary Retirement Scheme is adopted

Private and public sector firms can opt for VRS under the following circumstances:

• Obsolescence of product or technology
• Takeovers and mergers
• Joint ventures with foreign collaborations
• Recession in business
• Intense competition

SBI VRS scheme 2023: Eligibility, compensation, pension and other benefits

• The scheme will open on December 1 and will remain open till the end of February 2021. The applications for VRS will reportedly be accepted during this period only.
• The State Bank of India (SBI) has planned to introduce a voluntary retirement scheme (VRS) for its employees. Named as ‘Second Innings Tap VRS-2020’, the proposed scheme “will provide a congenial solution to employees who expressed desire for making strategic shift in their vocations, either due to professional growth limitations, mobility issues, physical health conditions or family situations,” a spokesperson from SBI said.
• As per the agency report, the scheme will be opened to all permanent officers and staff who have put in 25 years of service or completed 55 years of age on the cut-off date. According to the proposed eligibility criteria, a total of 11,565 officers and 18,625 staff members will be eligible for the scheme.

Objectives of Voluntary Retirement Scheme 2023

Major Benefits

Key Features of Scheme