The employees of Vizag Steel are increasingly unwilling to continue working under the company’s current conditions. They are deeply concerned about the sharp decline in production, the lack of funds for raw materials, and the numerous regulations being implemented, even as the Central government attempts to assist.
In this situation, many employees believe it would be better to opt for voluntary retirement (VRS) and leave the company. It was announced by management two days ago that employees who have completed at least 15 years of service and are 45 years or older are eligible to apply for VRS.
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According to reliable sources, 500 employees agreed to the VRS on the first day, with 1,200 following on the second day. Labor unions have advised that this scheme would be particularly beneficial for those who are just three years away from retirement, and many in this group are registering on the VRS portal.
It is expected that 1,497 executives and 1,003 non-executive employees will opt for the VRS. The estimated cost for this package is Rs. 918.92 crores for executives and Rs. 340.19 crores for non-executives, bringing the total budget to Rs. 1,260 crores. According to industry sources, the VRS scheme is likely to be implemented by the end of this year, with around 2,500 employees expected to leave the company.
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