Ashok Leyland introduces VRS 2020 scheme
Ashok Leyland introduces VRS 2020 scheme
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Ashok Leyland has approved the introduction of the Voluntary Retirement Scheme (VRS) for all eligible employees of the company. of the company. Last year in August, the company introduced another voluntary retirement scheme and an employee separation scheme for its executives.

 “The VRS will be implemented over a period of 9 months at the Company offices/factory locations. VRS upon implementation and execution will help optimize the capacity and resources of the company,” it said. The maker of load-bearing vehicles and commercial people carriers such as buses had already been struggling with poor demand when it was further hit by the COVID-19 lock-down imposed in March this year.

It had announced two schemes, VRS and ESS, in August last year, pointing out that demand for commercial vehicles had dropped drastically over the preceding months, and production was a fraction of the company’s total capacity.

While the details of the new VRS scheme have not been released to the public yet, Ashok Leyland had offered of two month’s fixed pay for each completed year of service for employees with 15 years of tenure last time. For those who had completed between five and 10 years, it was offering 1 month of fixed pay.

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