Balco offers fresh VRS scheme

Vedanta-controlled Bharat Aluminium Company (Balco) Limited has launched a fresh voluntary retired scheme (VRS) to shed excess workforce.

This is the fourth time the Balco management announced VRS for its employees. The company in which London-based Vedanta has 51 per cent stake, was disinvested in February 2001.

Of all the previous schemes, this can be said as best that offers a more lucrative cover, Balco's chief of corporate communications B K Sriwastwa told Business Standard. As of now, about 1700 employees had taken voluntary retirement from the service in last three schemes, he added.

The company had announced the scheme last year also. According to Balco officials, 270 employees availed the benefits of the schemes. Officials believe that more and more employees would take the advantage of seeking voluntary retirement this year as the VR package guarantees remittance of one-time payment.

 

The circular issued by the Human Resources department of the company said that in view of overwhelming requests, the management was pleased to offer the VR scheme. The employees who have completed 10 years of service or have attained 40 years of age as one submission of application will be eligible for the voluntary retirement.

The eligible employees can submit the application till January 30, 2010. The employee whose request for voluntary retirement is accepted by the management shall be relieved from the service of the company on January 31, 2010, the circular said.

The package includes one-time lumpsum (ex-gratia) amount will be released after adjusting loans, if any. Gratuity, Provident Fund accumulation will be released as per procedure while leave-salary, journey fare, settling-in-allowance, packing charge and transportation of language to the home town will be released on receipt of no-dues certificate from the department concerned.