All employees above 40 years of age and with over 10 years of service will be eligible for VRS.
The 136 year old English daily, The Hindu, has offered a voluntary retirement scheme to its employees. Kasturi & Sons Ltd. (KSL), publishers of The Hindu, announced the same on March 16, 2015.
The VRS scheme is part of the restructuring and efficiency-enhancement programme, which has been going on for some time. The newspaper publishers are working towards turning around the performance of the company, which is the reason for this organisation-wide exercise.
All employees above 40 years of age and with over 10 years of service, will be eligible for the scheme. KSL has a long tradition of employee-centricity and the scheme has been designed accordingly.
Employees opting to apply for VRS will receive a generous compensation package — possibly the most generous of recently announced schemes in the industry — in addition to normal retirement benefits, such as provident fund, gratuity, superannuation, encashment of unavailed leave, unclaimed leave travel allowance and any eligible performance-linked incentives.
“We are committed to ensuring that our transformation is led by our people initiatives. To that end, we are rolling out a voluntary retirement scheme to support those employees desiring to opt for the scheme with a compelling retirement corpus. This initiative is consistent with our commitment to ensuring a performance-oriented culture within KSL,” the statement said.