Hero MotoCorp comes out with voluntary retirement scheme for employees

NEW DELHI: Two-wheeler market leader Hero MotoCorp on Monday said it has commenced a Voluntary Retirement Scheme (VRS) for its employees with an objective to improve productivity and efficiency.

The scheme – which will be valid till September 28 — is applicable for employees who age 40 years and above and have completed a minimum of five years of continuous service at Hero MotoCorp.

The compensation package offered under the VRS would include a one-time lump sum payout calculated on the basis of the number of years spent by the employee in the service of the company and his/her remaining years before retirement, taking 58 as the age of superannuation.

Apart from the lump-sum amount, the package also includes additional gifts, discounts on Hero products, medical benefits, variable pay, discounts on company-given cars and laptops, career opportunities at Hero for the children of the employees, relocation assistance and future business opportunities with the company and the other normal terminal benefits.

When contacted a Hero MotoCorp spokesperson said that the VRS has been designed in keeping with the spirit of compassion, empathy and welfare and offers a range of generous benefits to the ones opting to take early retirement from service.

“The VRS also addresses the suggestions from some of our employees who had approached us over the past few weeks, exploring the possibility of early retirement from service with commensurate benefits. So this scheme is a win-win for both the organisation and the employees,” the spokesperson added. (AGENCIES)