"Within a week, we would start handing over VRS to employees working in the city," Mitra said at the Merchants' Chamber of Commerce here.
"Afterwards, outstation employees of four transport corporations would be offered VRS... We are ready with the fund and will pay them in three installments," he said, adding that more people were expected come up for the scheme.
There are around 22,000 employees in state-owned transport corporations and the department was planning to offer VRS to some 4,000 of them. The annual subsidy bill of the corporations is Rs 700 crore.
The minister also said it would be quite a difficult task to improve the city's transport system due to the acute shortage of road space.
"Ideally, we need 30 per cent of road space, but in the city it has come down to just four per cent," he said.
