Nso Downsizes, 340 Granted Vrs

The city-headquartered National Savings Organisation (NSO), one of the first government organisations picked up by the Centre for staff downsizing, has relieved 340 officers and employees from service with effect from February 1, 2003.

The employees had applied for voluntary retirement under a scheme introduced by the government from May to August last year.

The government granted its approval to the applications on January 31, 2003. Of the 340 VRS optees, seven are from Group A (regional directors and above), 80 are from Group B (middle-level officers) and 253 from Group C and D (class III and IV).

The total outgo (ex-gratia payment) on account of VRS is to the tune of Rs 12 crore, sources said.

 

They would in addition get pensionary benefits.

The NSO would be re-christened as National Savings Institute (NSI) which would be headed by a Director.

The NSO was headed by National Savings Commissioner. The NSI would be headquartered in Nagpur and occupy the same premises as that of NSO at CGO Complex, Seminary Hills. Instead of mobilising small savings, its role would change to that of financial advisor to the Central government.

The NSI