How to use your VRS money to generate passive income once you've retired

Younger people who have many working years left may spend a part of the retrenchment compensation on re-skilling themselves

As the impact of the economic slowdown hits home, it is fast turning into a season of pink slips. Information technology (IT) majors like Cognizant, Infosys and Capgemini have announced retrenchment plans. The automobile sector has witnessed mass lay-offs. Meanwhile, media reports suggest that over 80,000 employees of Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) have opted for the voluntary retirement scheme (VRS) offered by the public-sector duo. If you are among those who have been laid off, or intend to avail of your company’s VRS scheme, here is what you need to know about the