Definition of voluntary retirement scheme (VRS)
Subject: Human Resource Management

Voluntary retirement scheme (VRS) refers to voluntary retirement scheme, when company faces the problem of surplus labor, they have to remove the extra workers. This needs to be done to avoid increase in cost. One of the methods used by the companies is the methods used by companies is the VRS scheme. Under this scheme people have put in 20 or more number of years of service are given an option to opt for early retirement benefits and some other amount which is due to them are paid when they leave the company.

Voluntary retirement programs offer employees an incentive to commit to employment with their employer for a significant number of years. Voluntary retirement programs can also provide employees with an option to retire before the minimum age of a government pension scheme.

It is an offered to certain employees as an incentive to retire. It usually contains generous benefits and is typically targeted at employees in middle age and/ or those who have been with a company for a considerable amount of time.

Definition of voluntary retirement scheme (VRS)

Related Human Resource Management Paper:

Popular Human Resource Management Paper:

Causes of Grievance

Introduction Grievance by an employee taking recourse to the formal procedure may not in all cases solve the real problem. It is true that in many cases the grievance could be taken care of through the grievance process, but there are instances and occasions when a much deeper analysis of the sys.....

Report On Garments Industry in Bangladesh

Introduction: The tremendous success of readymade garment exports from Bangladesh over the last two decades has surpassed the most optimistic expectations.  Today the apparel export sector is a multi-billion-dollar manufacturing and export industry in the country. The overall impact of the ready.....

Internship Report on Garments Industry of Bangladesh The Challenging Ahead

EXECUTIVE SUMMARY Readymade Garments Industry is the leading foreign currency earning sectors of Bangladesh. Now-a-days Bangladesh financial sector is very much dependent upon this sector. The annual export income of garments sector is driven from two sources one is woven garments and others is k.....

Purpose of Training and Development

Training is defined by Wayne Cascio as “training consists of planed programs undertaken to improve employee knowledge, skills, attitude, and social behavior so that the performance of the organization improves considerably.” The purpose of training and development can be explained as follows......

Recruitment and Selection Process in Nestle Bangladesh Ltd.

INTRODUCTION 1.1: Background of the Report An employee might more knowledgeable and skilful by training and development program or process that maintaining an effective level job performance. So it acts an important role in HR department. As a part of BBA program, our Human Resources practices in.....