SAIL goes for VRS

The public sector Steel Authority of India Ltd has announced a voluntary retirement scheme to its employees from 1 June 1999. The company has a workforce of over 1.7 lakh. Details of the scheme:

• Eligibility: all regular, permanent employees who are 40 years of age or have completed a minimum 15 years of service
• Duration: 1 June 1999 to 31 January 2000.
• Payment: monthly income based on basic salary plus dearness allowance for remaining years of service until superannuation. Employees above 55 years will get 105 per cent of basic pay and DA every month, those between 52 and 55 years will get 95 per cent, and those below 52 years will get 85 per cent.

SAIL''s VRS scheme in 1998 had attracted 6,000 employees. The eligibility for that scheme was minimum age of 50 years or 20 years of service. The company has also been running a scheme from 31 March 1999, under which employees can take a break for three years for studies or alternative employment, with the option of rejoining SAIL at the end of that period.