Well, gentlemen, before raising a query, you could have at least done some amount of Google search or searched this forum to update yourself about the concept of "retrenchment." Learned members of this forum like Mr. Umakanthan, Mr. B. Saikumar, Mr. Nathrao, etc., have given their replies on this subject many times. There is nothing like "voluntary retrenchment." To improve your knowledge on retrenchment, you may check the following link:
http://www.legalservicesindia.com/ar...947-773-1.html.
My reply is based on the assumption that you are from India. If not, then you may have to follow the labor laws of your country.
Thanks,
Dinesh Divekar