Voluntary Retirement Scheme (VRS) for the employees of ...

-1- Voluntary Retirement Scheme (VRS) for the employees of public sector Undertakings. 1. SHORT TITLE: (i) This Scheme may be called the Punjab State public sector Undertakings Voluntary Retirement Scheme (VRS) 2002. (ii) This Scheme shall apply to all the public sector Undertakings (PSUs) including all Cooperative Institutions of the State of Punjab. This will apply to the Subsidiaries of the PSUs defined as entities in which PSUs and/or Govt. hold more than 50% equity. (iii) This Scheme shall come into force from the date of its notification. 2. OBJECTIVE: (i) To achieve optimum human resource utilization. (ii) To optimize return on investment in PSU. (iii) In implementing the VRS Scheme , managements shall ensure that it is extended primarily to such employees whose services can be dispensed with without detriment to the company. Care shall be exercised to ensure that highly skilled and qualified workers and staff are not given the option.

vrs-scheme.doc -1- Voluntary Retirement Scheme (VRS) for the employees of Public Sector Undertakings. 1. SHORT TITLE: (i) This scheme may be called …

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