Mumbai, May 09: In a move to rationalise its workforce, Videsh Sanchar Nigam Ltd announced today a voluntary retirement scheme for its employees with "incentives for early birds". The aim is to downsize the total strength by more than half from the present level of 3,000 employees, out of which about 1,700 would be eligible for the VRS, VSNL sources said here.
The Tata Group Company has offered the VRS for those employees who have attained 40 years of age and have rendered 10 years of services with VSNL. The scheme opens on May 15 and closes on July 14, 2003.
Sources said the scheme apart from rationalising the workforce will offer financial support for employees opting to exit for other avenues.
They said the VRS benefits, including PF, gratuity and encashment of leave would be as per company norms. As "early bird" initiatives, those who opt between May 15 and 30 would be given one month's extra salary.
The scheme has two options and under the first one any employee would be eligible 60 days salary for every completed year or 100 per cent salary of the remaining years with the company. The sources said the offer in monetary terms would vary between Rs 2.3 lakh and Rs 10.6 lakh per employee.
Under the second scheme, a lumpsum payment for every completed year of age and grade would be offered with payments ranging between Rs 3.8 lakh and Rs 16 lakh. Bureau Report