HI FRIENDS
I AM DOING A PROJECT ON VRS, IF ANY ONE HAVE ANYKIND OF INFORMATION ON IT PLZZZZZZ SHARE.
ANY BODY WORKING IN THE FIRM WHICH PROVIDE THIS SCHEME PLZ MENTION COZ I WANT TO TAKE AN INTERVIEW OF CONCERN MANAGER.
PLZ REPLY
Y :roll: GI :?:
From India, Mumbai
I AM DOING A PROJECT ON VRS, IF ANY ONE HAVE ANYKIND OF INFORMATION ON IT PLZZZZZZ SHARE.
ANY BODY WORKING IN THE FIRM WHICH PROVIDE THIS SCHEME PLZ MENTION COZ I WANT TO TAKE AN INTERVIEW OF CONCERN MANAGER.
PLZ REPLY
Y :roll: GI :?:
From India, Mumbai
Dear FRND, As I know, VRS is nothing but Voluntary Retirement Service, whre an employee takes his retirement before he completes his retirement age. If I am Wrong please do correct me Regards Daniel
From India, Mangaluru
21From India, Mangaluru
Hi Yogi,
VRS This term means Voluntary Retirement Scheme where in the Employee takes the retirement from the service on his own,and he would also be elgible for the fringe benefits which are availed only after the Completion of the 33 years as per the rules of the Central Govt.
There are two terms similiarly as VRS and CRS.VRS can also be taken on Medical Grounds of the employee & also Seeking more benefits from the employer.
CRS is the term related to Compulsary Retirement Scheme where in teh employee is asked to taken retirement from the service based upon various reasons.
Thanks & Regards
Veerendra S Kumbar.
From India, Bangalore
VRS This term means Voluntary Retirement Scheme where in the Employee takes the retirement from the service on his own,and he would also be elgible for the fringe benefits which are availed only after the Completion of the 33 years as per the rules of the Central Govt.
There are two terms similiarly as VRS and CRS.VRS can also be taken on Medical Grounds of the employee & also Seeking more benefits from the employer.
CRS is the term related to Compulsary Retirement Scheme where in teh employee is asked to taken retirement from the service based upon various reasons.
Thanks & Regards
Veerendra S Kumbar.
From India, Bangalore
There is a presentation which speaks about VRS or voluntary Retirement Scheme.I dont remember the link Please check for it. Regards, Mallet.
From India, Hyderabad
From India, Hyderabad
I agree with Veerendra on his views of VRS. VRS is also used as a possible strategy when an organization faces an “employee excess situation”.
From Sri Lanka
From Sri Lanka
dear friends,
Under VRS (voluntary Retirement Scheme), an employee can get retirement, before his superannuation, after serving notice period as prescribed. In this scheme, the employee will get terminal benefits at pro-rata basis. (33 years is the maximum period for terminal benefits like pension, gratutiy etc.).
A person can seek for retirment under medical ground also and in this case medical certificate from the authorised person has to be submitted. Here also, if the request is accepted, the employee will get benefits.
Another scheme called 'Premature Retirement' wherein the authority has absolute right to retire a person by giving benefits.
wishes
senthil raj
From Costa Rica, San José
Under VRS (voluntary Retirement Scheme), an employee can get retirement, before his superannuation, after serving notice period as prescribed. In this scheme, the employee will get terminal benefits at pro-rata basis. (33 years is the maximum period for terminal benefits like pension, gratutiy etc.).
A person can seek for retirment under medical ground also and in this case medical certificate from the authorised person has to be submitted. Here also, if the request is accepted, the employee will get benefits.
Another scheme called 'Premature Retirement' wherein the authority has absolute right to retire a person by giving benefits.
wishes
senthil raj
From Costa Rica, San José
VRS Scheme for different organisations are different.
In common terms,it is known as'Golden Handshake',wherein the employer asks the employee to leave the organisation for different reasons(downsizing,cost cutting,technology).
But in some cases,for example SAIL(Steel Authority Of India Ltd) has some very lucrative schemes under VRS.Employees actually benefit from this.
Unlike other organisations,where a lumsum amount is paid to the VRS employee when they are asked to leave,in SAIL,the employee keeps on getting his monthly salary and other benefits actually without working till the period of his actual retirement! I know of many people who took VRS because of this reason, and their monthly salary being secured,joined some other organisation where they were obviously paid for their services,which means they were earning double with no extra effort!
That's the magic of VRS in some places!
Regards,
Shweta Banerjee
From India, Hyderabad
In common terms,it is known as'Golden Handshake',wherein the employer asks the employee to leave the organisation for different reasons(downsizing,cost cutting,technology).
But in some cases,for example SAIL(Steel Authority Of India Ltd) has some very lucrative schemes under VRS.Employees actually benefit from this.
Unlike other organisations,where a lumsum amount is paid to the VRS employee when they are asked to leave,in SAIL,the employee keeps on getting his monthly salary and other benefits actually without working till the period of his actual retirement! I know of many people who took VRS because of this reason, and their monthly salary being secured,joined some other organisation where they were obviously paid for their services,which means they were earning double with no extra effort!
That's the magic of VRS in some places!
Regards,
Shweta Banerjee
From India, Hyderabad
Thanx 2 all for replying me n share some knowledge with me.......... Actually i m making project on the Same topic so plz can some guide me....
From India, Mumbai
From India, Mumbai
Hi All,
I go with Swetha but VRS is considered for the foll in Org:
Organizations go for VRS when it faces the problem of Excess Manpower,when think of Cost Cutting on Manpower,when the Heads think that there is a need for Automation in the company where in substantial amount of manpower will be definately reduced.The organizations can't go on directly removing the employees because of various reasons like the Draft Standing Order, Notice Period for the employees who are on roles of the company,so to make this process easy organizations have to think of the alternative for the employees by the way of giving various benefit options for the post retirement of the Employees .
Thanks
Veerendra S Kumbar
From India, Bangalore
I go with Swetha but VRS is considered for the foll in Org:
Organizations go for VRS when it faces the problem of Excess Manpower,when think of Cost Cutting on Manpower,when the Heads think that there is a need for Automation in the company where in substantial amount of manpower will be definately reduced.The organizations can't go on directly removing the employees because of various reasons like the Draft Standing Order, Notice Period for the employees who are on roles of the company,so to make this process easy organizations have to think of the alternative for the employees by the way of giving various benefit options for the post retirement of the Employees .
Thanks
Veerendra S Kumbar
From India, Bangalore
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VRS scheme.pdf
Copy of VRS.xls