VRS/ Golden Handshake

Hi All,'
Kindly guide me on the legal rules and policies related to Voluntary Retirement Scheme.
I really want to initiate this scheme in my organization, so need to know its implications.
Do the scheme vary from organization to organization or it has some standard rules to apply?
Thanks

Hi,
In India there are no rules framed for a VRS or Golden hand shake for industry.
For Nationalized banks specific guidelines have been framed.
For industries having unionized labour it is usually discussed with the union and based on the cicrucmstance even agreements are signed.
definitley schemes vary from organization to organization based on the class of employees, length of service and the ability of the organization to pay.
If you are able to provide the details like the type of industry, class of employees to be offered VRS, average experience and balance service left, the avergae salary, then based on the above a scheme can be drafted
kind regards
Dayanand L Guddin

Dear Sir,
Thank you very much for your valuable feedback.
I am working in a manufactuting unit and there are many employees who have crossed their retirement age as well.
But according to our company policy we do not ask any employee to leave or to retire because they have been working with us for an avg of 30 yrs.
Since we do not have any policy for CRS (COMPULSORY RETIREMENT SCHEME), so i thought offering VRS or initiating it as one of the policies of our company would be a great idea.
I would bother you with a question if you can please tell me what are the benefits which can be offered to the employees other than their salary to be paid, or what will be the offerings in CRS.
Waiting for your worthful reply.
Thanks & regards