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