CPSE Pay Revision 2017 – Voluntary Separation Scheme (VRS)

CPSE Pay Revision 2017 – Voluntary Separation Scheme (VRS)

Voluntary Separation Scheme (VRS)

i. Profit making CPSEs, which can bear the cost of VRS scheme with their own surplus resources, are allowed to implement VRS policy by allowing compensation/ex-gratia on the revised pay scales effective from 1.1.2017.

ii. Those CPSEs which are not covered in point (i) above, but are in a position to bear the compensation cost of scheme of VRS/VSS on their own, without budgetary support, may implement the scheme by allowing the payment of compensation / ex-gratia based on the pay scales applicable from 1.1.2017 in line with the recommendations made by the Committee.

iii. For points (i) and (ii) above, VRS compensation/ ex-gratia should be paid equivalent to 60 days salary for each completed year of service or the salary for the number of months of service left, whichever is less.

iv. For sick and loss making CPSEs, which are under closure / being considered for closure or rightsizing with revival package, VRS compensation/ex-gratia should be paid in the same manner as mentioned at point (iii) above but based on the pay scale of 1.1.2007.

In such cases, the proposal will be implemented with the approval of the Government.

CPSE Revised Pay Tables