Voluntary Retirement Scheme 2024: What Is VRS, Complete Details

Voluntary Retirement Scheme Apply Online & Application Form | Voluntary Retirement Scheme Check Compensation & Last Date | Voluntary Retirement Scheme Check Features & Benefits | Voluntary Retirement Scheme Check Age Limit & Years of Service | Voluntary Retirement Scheme Check Eligibility & All Details |

The Central Government has launched a Voluntary Retirement Scheme so that the employees working in the offices will be able to get retirement provided by the offices. This retirement will only be provided to the applicants as per their wishes which means if they want to get retirement then they can apply for this but if they don’t want to get retirement then they will not be forced so.

Today through this article we will provide you with all types of information about the Voluntary Retirement Scheme 2024 like purpose, Eligibility Criteria, Benefits, Features, and important documents, etc. Apart from this, we will share with you the process to apply online for this scheme. To get complete information about this scheme, read this article till the end.

Voluntary Retirement Scheme

Sometimes the government offices or offices of any sector are not in a stable state or condition to grant the salaries of the employees working in the offices, in this case, the Voluntary Retirement Scheme has been launched recently by the government so that the government will terminate those employees for retirement who have attained the age above 40 years. This retirement will not be forcibly given to the employees to get retirement for the work.

Now the companies will be able to take control over the consumption of company costs and wages and will be able to reduce the strength of company size with the help of a scheme named Voluntary Retirement Scheme. The employees who have retired under this scheme will be given 45 days of salary for the full year. 

Voluntary Retirement Scheme: What Is VRS, Complete Details

Highlights Of Voluntary Retirement Scheme 

The highlights of this scheme are as follows:- 

Name Of The Scheme Voluntary Retirement Scheme 
Launched By Department Of Public Enterprises
Allotted Portal dpe Portal
Delegated Ministry Ministry of Electronics & Information Technology 
ObjectiveTo reduce the employee strength in the offices
Benefit Employees will get compensation after retirement
Applicable ToCitizens of India
Beneficiaries Employees
Beneficiary Category Employees working in the public & private sector
Age Limit40 Years
Years of Service10 Years
Mode Of TransferDBT (Direct Benefit Transfer)
Payment Mechanisme-payment mechanism
Form of BenefitSa;aru amount 
Sa;aru TransferralOne-Time Payment Basis 
Amount of benefitVariable
Scholarship Tenure 1 Year 
Hosting SiteNational Information Center (NIC)
Last Date To Apply OnlineWill be updated soon
Mode Of ApplicationOnline 
Office Address Department Of Public Enterprises
Public Enterprises Bhawan,
H6QM+8V6,
Lodi Estate,
CGO Complex,
Lodi Colony,
New Delhi,
Delhi 110003
Phone Number 24362646
Official Website www.dpe.gov.in

Objectives Of Voluntary Retirement Scheme 

The major objective of launching the Voluntary Retirement Scheme is to reduce the strength of the workers working in the offices so that the offices who are not in stable condition will be able to reduce the consumption of infrastructure given to the employees for providing them salaries. This will put a reduction in the money used by the government for awarding salaries. 

Another objective of launching the Voluntary Retirement Scheme is also to provide retirement to the employees working in the offices wanting to get or take retirement because they have attained that age limit in which the brain starts to become ageing and at this time, the brain of the employee need some relaxation that must be free from any kind of work such as office roles and responsibilities

What is VRS?

This scheme has been launched with the active participation of the Department of Public Enterprises to reduce the workforce of the company so that they will be able to also reduce the money or expenses used for providing salaries to those employees. The company also doesn’t hold the right to appoint new employees in place of retired employees.

Beneficiary Category 

The applicants will be able to get online registration for this scheme based on the beneficiary category that has been set up or fixed by the selection body. The applicant will need to make sure that he or she is an employee working in the public or private sector located within India. 

Covered Sectors 

There are 2 sectors covered as per follows:- 

  • Private Sector
  • Public Sector 

Maximum Age Limit 

The age limit of the employee will also be taken into consideration at the time of shortlisting or nominating the names of employees who should be displayed in the list of those names in which the employees will be targeted to get retirement from their offices. The maximum age limit of the employee must be 40 years. 

Years of Service 

The employee must have carried out some years of service in the company in which they have been recruited to carry out their job responsibilities. Employees who have attained that year of service will be considered eligible. The employee must have done 10 years of service in the office work. 

Offered Facilities 

Some of the facilities that will be offered to the employees are as follows:- 

  • Rehabilitation Facilities
  • Counselling Facility 
  • PF Fund 
  • Gratuity Dues 

Compensation For Retirement 

Applicants or employees who have been shortlisted for retirement from the company will also be liable to get compensation from the company based on some fixed duration or time. The employees will be given salaries equal to 3 months over a year in the form of compensation. 

Applicable Conditions 

This scheme will be applicable based on the below-mentioned conditions:- 

  • Obsolescence of Product or Technology
  • Takeovers and Mergers
  • Joint Ventures with Foreign Collaborations
  • Recession in Business
  • Intense Competition

Voluntary Retirement Scheme Last Date 

The students will be able to get the registration after applying online under this scheme. For this, they will also need to get to know the last date by which they can get registration. The last date for online form submission has not yet been released by the selection body. Whenever it is released, we will update you through this article till then you can wait for a moment.

Benefits Of Voluntary Retirement Scheme 

The benefits of this scheme are as follows:- 

  • The applicants will be able to get compensation after retirement.
  • The last age limit will be 40 years for the employees to retire. 
  • The employees who are going to retire will get 45 days of salary over a year. 
  • The applicants will not be forced to retire.
  • One can apply online before the last date to get timely registration. 
  • This will provide them with the required relief from the work. 

Features Of Voluntary Retirement Scheme 

The features of this scheme are as follows:- 

  • The Central Government has launched the Voluntary Retirement Scheme.
  • This scheme will be applicable all over India.
  • This will work upon providing retirement.
  • The main objective will be to reduce employee strength. 
  • The office authorities will be able to handle the finances at the time of providing salaries to the employees working in the office.
  • For getting more information, one can visit the official website. 

Voluntary Retirement Scheme Eligibility Criteria 

The applicants will need to follow the below-mentioned points to get an online registration:- 

  • He or she must be an Indian Citizen.
  • The applicant must be an employee working in the public or private sector.
  • He or she must have contributed 10 years of minimum work.
  • The minimum age limit must be 40 years. 

Important Documents 

Some of the important documents to apply online under this scholarship are as follows:- 

  • Aadhar Card
  • PAN Card
  • Income Certificate
  • Attendance Proof
  • Bank Account Details
  • Email ID
  • Mobile Number for receiving OTPs
  • Proof of employee

Process To Apply Online Under Voluntary Retirement Scheme

As this scheme has been recently launched no such information has been released with the help of various social networking sites regarding the application procedure to apply online for the Voluntary Retirement Scheme. Whenever the application procedure is launched, we will update you through this article otherwise the applicant can visit the Official Website.

Process To Apply Online Under Voluntary Retirement Scheme

Getting Contact Details

The applicants will need to follow the below-mentioned points to get contact details:-

  • Visit and open the official website.
  • Now you will get land on the homepage.
  • Scroll down the page until you reach the bottom side of the screen.
  • On the homepage, click on the Contact Us option.
Getting Contact Details
  • Then, the contact details will be displayed on the screen.

Contact Information

In case any queries and questions come to your mind regarding the Voluntary Retirement Scheme, then you may contact this mentioned-below office address and phone number:-

  • Office Address:-
    • Department Of Public Enterprises
    • Public Enterprises Bhawan,
    • H6QM+8V6,
    • Lodi Estate,
    • CGO Complex,
    • Lodi Colony,
    • New Delhi,
    • Delhi 110003
  • Phone No:- 24362646

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