VRS SCHEME FOR INDIAN AIRLINES EMPLOYEES
Indian Airlines has
already circulated its Voluntary Retirement Scheme (VRS) for 2003
for its employees on 12.05.2003 which came into effect on 19.5.2003
and remained in force till 17th July, 2003. The Scheme
has now been extended for a further period of two months i.e.
upto 17th September, 2003.
The highlights of
the Scheme are as under :
- applicable to permanent
employees of the Company who are in Indian scales of pay and have
rendered a continuous service of minimum of 10 years in Indian
Airlines or have reached a minimum age of 40 years as on the date
of the closure of the Scheme.
- the ex-gratia payment
equivalent to salary of 35 days for every completed year of service
and 25 days for each year of the service left until superannuation,
subject to a minimum of Rs.25,000/- or 250 days salary, whichever
is higher.
- the scheme covers
all the categories of employees except employees on contract/Government
servants on deputation.
- the number of employees
targeted is 1000.
- the financial outgo
is estimated at around Rs.72 crores on account of ex-gratia payment,
encashment of leave and payment of gratuity.
The strength of employees
in India Airlines is 19392 as on 30th June, 2003.
This information
was given by Civil Aviation Minister Shri Rajiv Pratap Rudy in
a written reply in the Lok Sabha today.
