Thermax offers a Voluntary Retirement Scheme (VRS)
Thermax Limited, an Energy and Environment Company said in an exchange filing that it has announced a voluntary retirement scheme (VRS) for eligible employees.
According to TOI report, “In view of Thermax reorganizing its manufacturing operations and considering the current economic scenario, the company has announced VRS for the benefit of our workmen at our Chinchwad plant,” the company said in a statement.
The company’s board of directors have approved VRS for all eligible employees who have completed 10 years of service with the company or age more than 40 years. An update on the financial impact will be communicated to the Exchange.
VRS stands for voluntary retirement scheme, whereby an employee is offered to voluntarily retire from services before the retirement date. The scheme allows companies to reduce the strength of employees. It can be implemented by both the public and private sectors. VRS is also known as ‘Golden Handshake’
Thermax Group is an INR 5,831 Cr. (822 Million US$) company headquartered in Pune, India. Its business portfolio includes products for heating, cooling, water and waste management, and specialty chemicals. The company also designs, builds and commissions large boilers for steam and power generation, turnkey power plants, industrial and municipal wastewater treatment plants, waste heat recovery systems and air pollution control projects.
