Vedanta’s VRS scheme

Team herald

PANJIM: Vedanta Limited launched a VRS scheme for its workmen, under which, the workmen will be paid either three months salary for each completed year of service or salary for the balance period of service till date of superannuation – whichever is less. Computation of gratuity and Provident Fund will be as per the existing rules.

“The VRS is the best in the industry and in accordance with the worker’s union. We do understand the situation faced by our dedicated workmen who were forced to be idle for more than 30 months for no fault of theirs,” said Boucette D’Souza e Misquita, Associate Manager, Iron Ore Communications – Vedanta Limited.

She stated that the scheme was launched even though mining was set to resume in the State as the mining industry was under the burden of various taxes, unrealistic expectations from the stakeholders, and a fall in international prices. She said, “We need to trim our various costs viz non-performing assets, overheads, logistics, etc. VRS is one of our efforts to keep manpower in line with our production targets.”