Full retirement benefits under VRS to Coal India employees

New Delhi: Coal India Limited, an Indian public sector coal mining, and refining company has introduced Voluntary Retirement Scheme (VRS) for its employees. 

Under VRS, workers who have completed 50 years of age or have employed for 20 years can take advantage of this. The company cannot forcibly retire any worker. For taking VRS, the workers have to give three months' notice and the workers will be given full retirement benefits.

All the facilities will be available within a month: Coal India has decided that the workers who take advantage of this scheme will be given all the facilities within a month. No other financial benefit will be given other than the prescribed provisions.

Permission to be obtained from CMD:
Coal India has decided that the personnel taking advantage of this scheme will have to apply through the departmental head. The CMD of subsidiary companies will put a final seal on it. The final seal on the application of the personnel of Coal India Headquarters, NEC and allied offices will be the Director Personnel of Coal India. If any worker wants to withdraw the application, he will have to complete this process within three months.

Workers on whom disciplinary action, departmental action is going on, will not be given the benefit of this scheme. To take advantage of the scheme, a no-objection certificate will also have to be obtained. Workers can avail of this scheme from the date of notification.6

Read Also : NTPC Ltd inaugurates world’s first CO-to-Methanol Plant