M ode of payment

7. M ode of payment

Retirement shall be recorded in writing by the Competent 100% of the amount of ex-gratia payable to an employee on

Authority.

opting for Voluntary Retirement under this Scheme would be paid in cash within 60 days from the date of his relieving.

Vrs-scheme.doc –6

(vii) All payments under the scheme and any other benefit An employee whose offer for Voluntary Retirement under the

8. Other benefits

payable to an employee shall be subject to the prior Scheme is accepted will be eligible, apart from the ex-gratia

settlement/re-payment in full of loans, advances, returning defined above, to any benefit that would have been available to

of Govt.’s property and any other outstanding due against him upon superannuation as per the policy extant in the PSU

him and payable by him to the PSU concerned. prior to the date of notification of this scheme. It is clarified,

(viii) All payments made under the scheme shall be subject to however, that an employee shall not be eligible for both

deduction of tax at source as per Income Tax Act 1961 retrenchment compensation and ex-gratia under this scheme

wherever applicable.

but shall have to opt for one of the two. (ix) An employee who seeks voluntary retirement under this

9. Procedure

scheme shall not be eligible for re-employment in Govt., any PSU or any of its subsidiaries. A complete data/record, on

(i) An eligible employee may submit request opting for website of all those employees of the Public Sector Voluntary Retirement under the scheme to the Competent Undertakings/Corporations, who have availed the VRS shall Authority through proper channel in a prescribed proforma

be retained. While making future recruitments no person out (Annexure-A), which shall be available in the PSU.

of these shall be retaken in service.

Vrs-Scheme.doc-5

(x)In the event of the death of an employee, whose request for (ii)The Competent Authority may after considering the

voluntary retirement under the scheme has been accepted, the application and after giving an opportunity to the applicant

compensation, which would have become due and payable

CO

to the deceased employee, shall be paid to the person conditions stipulated in the Punjab State Public Sector

nominated to receive such dues. Undertaking Voluntary Retirement Scheme (VRS) 2002,

EN

(xi)The benefits payable under this scheme shall be in full and

circulated vide No. ……………………………………………

final settlement of all claims of whatsoever nature, whether dated ……………….., which I have carefully read and have

IO

arising under the scheme or otherwise to the employee (or understood the contents of the same.

N M his nominee in case of death). An employee who voluntarily

2. I accept the terms and conditions stipulated in Punjab State

A retires under this scheme will not have any claim against the Public Sector Undertaking Voluntary Retirement Scheme

PSU concerned of whatsoever nature and no demand or

(VRS) 2002, unconditionally and irrevocably.

G dispute or difference will be raised by him or on his behalf,

3. I furnish the required particulars in the APPE NDIX

whether for re-employment or compensation or back wages

enclosed for consideration of my offer to seek Voluntary

including employment of any of his relative on Retirement from the services of the … … … … … … ( PSU)

compassionate grounds in the service of the PSU or for any under the above scheme w.e.f. ……………………. other benefits whatsoever.

Thanking you,

(xii)The vacancy caused by Voluntary Retirement shall stand abolished.

Yours faithfully,

(xiii)The Govt. reserves the right to withdraw this scheme at

Signature of the E mployee

any time it thinks fit and its decision in this respect will be Place:… … … … … … .. Designation:… … … … … … … . final.

Name:… … … … … … … … … … .

11. Enabling Rules

Dated: ………………

(i) The Public Sector Undertakings must consider the Voluntary

Vrs-scheme.doc-9

Retirement Scheme (VRS) and pass an order adopting it.