---------Sponsered Searches---------

Voluntary Retirement Scheme (VRS) 2020: Benefits, Calculation, Features, Objective & Eligibility (State & Central Govt Employees)

---------Sponsered Ads---------

Short Info: स्वैच्छिक सेवानिवृत्ति योजना लाभ, गणना, सुविधाएँ, उद्देश्य और पात्रता – [Apply Online] Voluntary Retirement Scheme (VRS) 2020 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.

Short Scheme Details:
Name of Scheme Voluntary Retirement Scheme
Application Status Active
Scheme Benefit VL encashment, Gratuity, PF and Transfer benefits
Scheme Published On 11/11/2020
Scheme Updated on 11/11/2020

Table of Content

स्वैच्छिक सेवानिवृत्ति योजना 2020: Voluntary Retirement Scheme, Rules, News Update

Latest News Update: SBI Voluntary Retirement Scheme 2020: Eligibility, salary, pension, other benefits
यह योजना नियमित और स्थायी प्रकृति के कर्मचारियों और अफसरों के लिए है। फिर भी स्वैच्छिक सेवानिवृत्ति देना प्रबंधन के विवेक पर निर्भर करेगा। इसमें वैसे कर्मचारी या अधिकारी अावेदन दे सकते हैं जिन्होंने सेल में 15 साल या इससे अधिक अपनी सेवा दे दी हो। या फिर उनकी उम्र 45 साल से अधिक हो गई हो।

Voluntary Retirement Scheme 2020 

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 2020” like Scheme Benefit, Eligibility Criteria, Key Features of Scheme, Application Status, Application process and more.

Voluntary Retirement Scheme 2020 – Overview
Name of Scheme Voluntary Retirement Scheme (VRS)
in Language स्वैच्छिक सेवानिवृत्ति योजना
Launched by Government of India
Beneficiaries Government Employees
Major Benefit VL encashment, Gratuity, PF and Transfer benefits
Scheme Objective To reduce the strength of employees in a company
Scheme under Central & State Government
Name of State All India
Post Category Scheme/ Yojana/ Yojna
Official Website Not Available
Important Links
Event Links
Voluntary Retirement Scheme (VRS) Punjab Registration
Scheme for voluntary retirement West Bengal
Click Here
Department of Public Enterprises (DPE) Consolidated guidelines on the Voluntary Retirement Scheme (VRS)/ Voluntary Separation Scheme (VSS). Click Here
Voluntary Retirement Scheme BLD India PDF Download
Click Here
Voluntary Retirement Scheme 2020 Official Website

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 2020

  • 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

Beneficiary Guidelines
  • VRS applies to an employee who has completed 10 years of service or is above 40 years of age.
  • It should apply to all employees (by whatever name called), including workers and executives of a company or of an authority or of a co-operative society, excepting directors of a company or a co-operative society.

Voluntary Retirement Scheme 2020: Eligibility, salary, pension, other benefits

ABOUT SCHEME
Voluntary Retirement Scheme 2020: Online Application Form PDF Download – To achieve the optimum level of manpower with the desirable average age- mix so as to cope up with the changing needs of the company, consequent to technology upgradation, modernization, automation and system simplification.

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.

---------Sponsered Searches---------

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 IWhich 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 2020: 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 2020

SCHEME OBJECTIVE
  • To achieve optimum human resource utilization.
  • To optimize return on investment in PSU.
  • To provide certain benefits to such employees who have rendered sufficiently long service to the company and who opt to retire voluntarily before reaching the age of superannuation.

Major Benefits

BENEFICIARY BENEFITS
  • Employees opted for Voluntary Retirement are entitled to natural terminal benefits like VL encashment, Gratuity, PF and Transfer benefits.
  • Employee gets provident fund (PF) and gratuity dues.
  • Right-sizing man power has become an important management strategy today due to intense competition.
  • VRS is regarded as the most humane technique that firms can use to reduce staff.
  • The person taking voluntary retirement are offered various benefits by the company like rehabilitation facilities, counseling, etc
  • The retiring employees is also offered compensation which is tax-free up to a certain amount
  • At the time of retirement provident fund and gratuity dues will be provided to the Employees

Key Features of Scheme

SCHEME FEATURES
  • Under the scheme, employees are offered to voluntary retired from the services.
  • This retirement occurs before the retirement date.
  • This scheme is offered by both public and private sector company
  • The acceptance of applications for Voluntary Retirement will be at the discretion of the Competent Authority and subject to availability of funds.

Leave a Comment

---------Sponsered Ads---------