Voluntary Retirement Scheme (VRS) for the employees of Public Sector Undertakings.
This scheme may be called the Punjab State Public Sector Undertakings Voluntary Retirement Scheme (VRS) 2002.
This scheme shall apply to all the Public Sector Undertakings (PSUs) including all Cooperative Institutions of the State of Punjab. This will apply to the Subsidiaries of the PSUs defined as entities in which PSUs and/or Govt. hold more than 50% equity.
This scheme shall come into force from the date of its notification.
To achieve optimum human resource utilization.
To optimize return on investment in PSU.
In implementing the VRS scheme, managements shall ensure that it is extended primarily to such employees whose services can be dispensed with without detriment to the company. Care shall be exercised to ensure that highly skilled and qualified workers and staff are not given the option. As there shall be no recruitment against vacancies arising due to VRS, it is important that the organisation is not denuded of talent. The managements of the PSUs shall introduce the VRS with the approval of their Boards and the administrative departments. Under no circumstances shall grant of VRS be construed as a right.
DEFINIT IONS: In this scheme, unless the context otherwise requires, (a)
“Scheme” means Punjab State Public
Voluntary Retirement Scheme (VRS) 2002.
“Public Sector Undertaking (PSU)” means an entity that is : (i) Created under a Statute of the State Legislature; or
(ii) Created under a statute of Parliament, in which case the management & control vests in Govt. of Punjab or
(iii) Created under the Companies Act 1956 in which the Govt. of Punjab, holds equity share more than 50% of those issued or
A Cooperative Society as defined under the “Punjab Cooperative Societies Act, 1961, as amended from time to time including Apex Cooperative Institutions.
“Employee” means a person employed on permanent/regular basis working against regular sanctioned graded post.
“Year” means a financial year commencing on 1st April and ending on the subsequent 31st March
“Salary” means Basic Pay plus appropriate %age of DA as on the date of applying.
“Family” means as defined under rule 2.17 of the Punjab Civil Services Rules, Vol. I
“Request for V.R.” means application submitted for VR, as per specimen proforma annexed as Annexure-A.
“Service” means a period of permanent or regular employment against graded post as defined in the Service Bye Laws/ Regulations of the PSU.
Officer/Managing Director of the Public Sector Undertaking
OPERATION OF THE SCHEME:
The Scheme shall remain in operation for 6 (six) months from the date of issuance of notification to this effect. The Govt may extend it from time to time.
Within the period of operation:
In the case of a PSU which does not require budgetary or any other external support to implement the scheme, it shall come into operation upon the approval by the Administrative
Department of a resolution of the Board of Directors that the scheme be brought into effect with specified eligibility criteria In the case of a PSU, which requires budgetary or any other
external support to implement the scheme, it shall come into operation only after the Department of Finance approves a
proposal of the Administrative Department based on a resolution of the Board of Directors as in (a) above to this effect.
All persons employed on permanent/regular basis working against regular sanctioned graded post of Public Sector Undertakings will be eligible to seek Voluntary Retirement provided they have completed a minimum of 5 years of service and have at...
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