RINL Opens Second Phase Of VRS; Over 1,100 Opted In First Round

Visakhapatnam: Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, has issued a revised circular for its Voluntary Retirement Scheme (VRS) on June 14. The first circular, issued in January this year, saw 1,126 executives and non-executives opt for retirement.

The online application process for the second phase opened on June 16 and will remain open till July 15.Employees may withdraw their applications until July 18, beyond which no withdrawals will be allowed, the circular stated.

The scheme is applicable to regular and permanent employees, including executives, non-unionised supervisors and non-executives. However, it excludes those appointed on fixed tenure or contract basis, government servants, those on deputation, employees on lien, and those under bond due to training, study leave or sponsorship.

Employees must have completed a minimum of 15 years of service in RINL and attained the age of 45 years to be eligible. Eligibility will be calculated based on the date of application.

As per the benefits, compensation will be 35 days of salary for every completed year of service and 25 days of salary for the remaining period until superannuation. The compensation is subject to a minimum of ₹25,000 or 250 days of salary, whichever is higher.

However, the total amount shall not exceed the salary the employee would have drawn at their current level for the remainder of their service. The compensation will be paid in a lump sum.

The VRS aims to rationalise manpower, optimise human resources, reduce costs and improve overall productivity.