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Voluntary Retirement

Voluntary Retirement

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The Voluntary Retirement Scheme (VRS) is a program employer offer to allow employees to opt for early retirement before the standard retirement age, typically 58–60 years, in India.

Requirements to be fulfilled by a scheme of VRS to get exemption:

1. It should apply to an employee who has completed 10 years of service or attained 40 years of age.

2. It should apply to all employees of the company except the directors of the company

3. It should result in an overall reduction in the existing strength of the employees

4. The vacancy caused by the voluntary retirement should not be filled up, nor should the retiring employee be employed at any other company or concern belonging to the same management

5. The company needs to get the approval from the government before implementing VRS.

Calculation of VRS Compensation

(i) 3 months of salary { Basic Salary + Dearness Allowances} for each completed year of service

(ii) Salary at the time of retirement multiplied by the balance months of service left before retirement

(iii) Maximum amount of Rs. 5,00,000

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NexWage

A68, Nathu colony
NOIDA Uttar Pradesh

8 Months

+91-8938990191

More About Voluntary Retirement -

  • NexWage understands that managing payroll is often a pain point for many organizations. That is why we provide a cloud based payroll solution. NexWage simplifies automation for everything associated with employee management, including but not limited to onboarding, attendance, payroll processing, employee reimbursement, and compliance with governance regulations such as statute law. ANVM Business Solutions (P) Ltd . has supported us through the years and it’s safe to say that NexWage is a product of decades of industrial insight coupled with advancement in technology. Our leadership team offers a wealth of 36 years of shared experience in HR, finance, and compliance, providing unmatched security and credibility when it comes to payroll solutions for businesses of different scales. We do not sell just software. We offer relief for businesses. Our services manage the entire payroll so that clients can concentrate on other operations without worrying about compliance or timely payments. Like other companies, we do not intend to exhaust our clients. At NexWage, we believe in empowering every company out there by enabling them to trust us with a payroll system.

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