Punjab Voluntary Retirement Scheme

Punjab Government has launched Punjab State Public Sector Undertakings Voluntary Retirement Scheme (VRS). This will apply to the Subsidiaries of the PSUs defined as entities in which PSUs and/or Govt. –  holding more than 50% equity.

Objectives:

• To achieve optimum human resource utilization.
• To optimize return on investment in PSUs.

Eligibility:

All persons employed on permanent/regular basis working against regular sanctioned graded post of Public Sector Undertakings will be eligible to seek Voluntary Retirement provided they have completed a minimum of 5 years of service and have at least 5 years of service remaining before their superannuation (retirement).

Benefits:

• Compensation consisting of salary of 35 days for every completed year of service and 25 days for every year of the balance of service left until superannuation.
• The compensation will be subject to a minimum of Rs. 25000 or 250 days salary whichever is higher.
• This compensation shall not exceed 80% of the sum of the salary that the employee would draw at the prevailing level for the balance of the period left before superannuation.

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