Dear All, Pleasd give me information about VRS. When will get VRS and what is process? Thanks Nilesh
From United States, Cleveland
From United States, Cleveland
Dear Nilesh
Greetings!
An employee, who has attained the age of 50 years or who has completed 20 years of qualifying service, may retire from service, by giving a notice of not less than three months, in writing, direct to the appointing, authority, with a copy marked to his immediate superior Officer. Before giving such notice he may satisfy himself by means of a reference to such authority, that he has completed the required minimum number of years or qualifying service. (B.P. No. 6 dated 25-1-93 and B.P. No. 222 dated 11-6-84).
2. Orders should be obtained from the competent authority on the voluntary retirement before the expiry of the notice period of three months. The acceptance or otherwise of the proposal for voluntary retirement shall be intimated to the employee before the expiry of the notice period of three months. (U.O. Note No. 068736/E-7-1/83-5/dated 3-9-83).
3. An employee may withdraw the notice of voluntary retirement, or withdraw his voluntary retirement after acceptance subsequently, with the approval of the appointing authority, before the expiry of the period of notice. (B.P. No.6/dated 25-1-93).
4. The three months notice may be given before the employee attains the age of 50 years or completion of 20 years if qualifying service, provided that the retirement takes place after he has attained the age 50 years or completed 20 years of qualifying service.
5. Whether the employee issues the notice of voluntary retirement to the appointing authority directly or through proper channel, the notice period takes effect from the date of receipt of the notice by the appointing authority only. (Memo.No. 46362/p1/42-1/dated 27-4-94).
6. The last three months period should necessarily be a continuous one and should not include period of extraordinary leave without pay and allowances. When extraordinary leave without allowances runs concurrently with the period of notice, the leave should be refused and the employee may be requested to join immediately and give a fresh notice of not less than three months. Otherwise, the request for voluntary retirement may be negatived. (Memo. No. 28575-Q2-97-6 dated 10-7-98).
WEIGHTAGE OF SERVICE ON VOLUNTARY RETIREMENT
14. An employee retiring, voluntarily, shall be given a weightage of service, not exceeding 5 years, subject to the condition that the total qualifying service rendered, including the weightage, does not in any case exceed 30 years and it does not take him beyond the date of superannuation, as the case may be, for the purpose of pension and gratuity.
15. The weightage given is only to increase the period of qualifying service. The pension and gratuity will be based on the actual emoluments on the date of retirement. (B.P. No. 58 dated 22-6-98).
16.The addition of weightage is for calculation of pension and not for calculation of gratuity. (Memo. No. 28575-Q2/97-5 dated 27-8-97).
17. The weightage will not entail to any notional fixation of pay for calculation of pension and gratuity, with effect from 1-7-96, (B.P. No.41 dated 27-8-97).
18. Both age and qualifying service shall be taken into consideration simultaneously and care should be taken that after adding such weightage, the total no, of qualifying service does not exceed 30 years and at the same time it does not exceed 58 years/60 years of age, as the case may be.
19.Weightage added to qualifying service for those who retire on completion of 58 years of age.
Qualifying service Weightage Age Weightage
25 Years and above 5 Years 53 Years 5 Years
26 Years and above 4 Years 54 Years 4 Years
27 Years and above 3 Years 55 Years 3 Years
28 Years and above 2 Years 56 Years 2 Years
29 Years and above 1 Year 57 Years 1 Years
20. In the case of office Helpers, Daffadars etc. whose retirement age is 60 years.
Age Weightage
55 Years 5 Years
56 Years 4 Years
57 Years 3 Years
58 Years 2 Years
59 Years 1 Year
(B.P. No. 41 dated 22-2-97).
21. Weightage of 5 years shall be limited upto the eligibility for full pension and D.C.R.G. calculation accordingly. (Memo. No. 28575-Q2/97-6 dated 10-7-98).
22. The pension shall be based on the average emoluments drawn during the last 10 months, prior to the date of such voluntary retirement. Gratuity shall be based on the actual emoluments drawn on the date of such voluntary retirement. (Memo. No. 10903-Q1/89-1 dated 8-5-89 G.O.No. 350/P&AR/FA Spl/dated 7-10-81).
Rgds,
John N
From India, Madras
57Greetings!
An employee, who has attained the age of 50 years or who has completed 20 years of qualifying service, may retire from service, by giving a notice of not less than three months, in writing, direct to the appointing, authority, with a copy marked to his immediate superior Officer. Before giving such notice he may satisfy himself by means of a reference to such authority, that he has completed the required minimum number of years or qualifying service. (B.P. No. 6 dated 25-1-93 and B.P. No. 222 dated 11-6-84).
2. Orders should be obtained from the competent authority on the voluntary retirement before the expiry of the notice period of three months. The acceptance or otherwise of the proposal for voluntary retirement shall be intimated to the employee before the expiry of the notice period of three months. (U.O. Note No. 068736/E-7-1/83-5/dated 3-9-83).
3. An employee may withdraw the notice of voluntary retirement, or withdraw his voluntary retirement after acceptance subsequently, with the approval of the appointing authority, before the expiry of the period of notice. (B.P. No.6/dated 25-1-93).
4. The three months notice may be given before the employee attains the age of 50 years or completion of 20 years if qualifying service, provided that the retirement takes place after he has attained the age 50 years or completed 20 years of qualifying service.
5. Whether the employee issues the notice of voluntary retirement to the appointing authority directly or through proper channel, the notice period takes effect from the date of receipt of the notice by the appointing authority only. (Memo.No. 46362/p1/42-1/dated 27-4-94).
6. The last three months period should necessarily be a continuous one and should not include period of extraordinary leave without pay and allowances. When extraordinary leave without allowances runs concurrently with the period of notice, the leave should be refused and the employee may be requested to join immediately and give a fresh notice of not less than three months. Otherwise, the request for voluntary retirement may be negatived. (Memo. No. 28575-Q2-97-6 dated 10-7-98).
WEIGHTAGE OF SERVICE ON VOLUNTARY RETIREMENT
14. An employee retiring, voluntarily, shall be given a weightage of service, not exceeding 5 years, subject to the condition that the total qualifying service rendered, including the weightage, does not in any case exceed 30 years and it does not take him beyond the date of superannuation, as the case may be, for the purpose of pension and gratuity.
15. The weightage given is only to increase the period of qualifying service. The pension and gratuity will be based on the actual emoluments on the date of retirement. (B.P. No. 58 dated 22-6-98).
16.The addition of weightage is for calculation of pension and not for calculation of gratuity. (Memo. No. 28575-Q2/97-5 dated 27-8-97).
17. The weightage will not entail to any notional fixation of pay for calculation of pension and gratuity, with effect from 1-7-96, (B.P. No.41 dated 27-8-97).
18. Both age and qualifying service shall be taken into consideration simultaneously and care should be taken that after adding such weightage, the total no, of qualifying service does not exceed 30 years and at the same time it does not exceed 58 years/60 years of age, as the case may be.
19.Weightage added to qualifying service for those who retire on completion of 58 years of age.
Qualifying service Weightage Age Weightage
25 Years and above 5 Years 53 Years 5 Years
26 Years and above 4 Years 54 Years 4 Years
27 Years and above 3 Years 55 Years 3 Years
28 Years and above 2 Years 56 Years 2 Years
29 Years and above 1 Year 57 Years 1 Years
20. In the case of office Helpers, Daffadars etc. whose retirement age is 60 years.
Age Weightage
55 Years 5 Years
56 Years 4 Years
57 Years 3 Years
58 Years 2 Years
59 Years 1 Year
(B.P. No. 41 dated 22-2-97).
21. Weightage of 5 years shall be limited upto the eligibility for full pension and D.C.R.G. calculation accordingly. (Memo. No. 28575-Q2/97-6 dated 10-7-98).
22. The pension shall be based on the average emoluments drawn during the last 10 months, prior to the date of such voluntary retirement. Gratuity shall be based on the actual emoluments drawn on the date of such voluntary retirement. (Memo. No. 10903-Q1/89-1 dated 8-5-89 G.O.No. 350/P&AR/FA Spl/dated 7-10-81).
Rgds,
John N
From India, Madras
Dear Nilesh
VRS- Voluntry Retirement from Services
Normally, it is applicable, when an employee attain the age of above 40 and( few years of services left for usual retirement )unable to perform his duties due to his health, or environment of the organisation ( down sizing, running in loss, etc.) can express his desire to the management in writing that he would like to opt for VRS. which has to be accepted by the company.
The employee who opts VRS should put certain minimum period of service as per the policy of the company for considering VRS by them.
His terminal benefits as applicable as per the policy of the organisation will be settled as per procedure and incase of down sizing the employee, the company may opt for certain amount in addition to their terminal benefits (considering the remaining period of service left with ) as per decisions taken by them.
LK
From India, Madras
VRS- Voluntry Retirement from Services
Normally, it is applicable, when an employee attain the age of above 40 and( few years of services left for usual retirement )unable to perform his duties due to his health, or environment of the organisation ( down sizing, running in loss, etc.) can express his desire to the management in writing that he would like to opt for VRS. which has to be accepted by the company.
The employee who opts VRS should put certain minimum period of service as per the policy of the company for considering VRS by them.
His terminal benefits as applicable as per the policy of the organisation will be settled as per procedure and incase of down sizing the employee, the company may opt for certain amount in addition to their terminal benefits (considering the remaining period of service left with ) as per decisions taken by them.
LK
From India, Madras
Dear Nilesh
my name is sivaprasad. normally my father is take VRS- Voluntry Retirement , that time my father age is 55 above, some problems, i think is take VRS in 2008, got of telangana, so before 2004 father is take VRS that time that job is given to he sons, but iam not take any job. so how to ask to that organization, plzzz help me. that is a power station of telangana TSGENCO.
From India, Hyderabad
my name is sivaprasad. normally my father is take VRS- Voluntry Retirement , that time my father age is 55 above, some problems, i think is take VRS in 2008, got of telangana, so before 2004 father is take VRS that time that job is given to he sons, but iam not take any job. so how to ask to that organization, plzzz help me. that is a power station of telangana TSGENCO.
From India, Hyderabad
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