1,600 Visakhapatnam Steel Plant employees opt for VRS
The Hindu
1,600 Visakhapatnam Steel Plant employees opt for VRS. Applicants are expected to receive the sanction notices and one month’s service notice by mid-February.
A total of 1,600 employees (both executives and non-executives) of the Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), are said to have applied for the Voluntary Retirement Scheme (VRS) offered by the management as per the Ministry of Steel guidelines.
Out of them, 660 are said to be executives and 940 non-executives.
According to sources, the total number of regular employees is 12,300, including 3,900 executives.
As per the guidelines, 4,000 employees out of 12,300 are eligible for VRS. An employee who is 45 years of age is eligible. The scheme was open till January 31.
Applicants are expected to receive the VRS sanction notices and one month’s service notice by mid-February.
The significant number of applications has surprised many, especially after the Union government announced a financial package worth ₹11,442 crore.
“Around ₹506 crore is said to have been allocated for the VRS applicants. Out of 1,600 applicants, around 1,200 may get the VRS sanction order,” says Janashakti Mazdoor Sabha general secretary V. Srinivasa Rao.
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