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Design Management Class Notes_132944081-CLASS-NOTES-Voluntary-Retirement-Scheme-LESSON-08

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Learning Objective To know and understand the below mentioned points: • Voluntary Retirement Schemes (VRS)- Exit Policy- Its Effects • Effects of Excess Manpower • Reducing Excess Manpower - Problems, Legal Aspects and Solutions • The Reasons for Proposing VRS • Procedure for Voluntary Retirement Scheme • The challenges in implementing employees exit • Merits of voluntary retirement scheme • Demerits of voluntary retirement scheme Voluntary Retirement Schemes Exit Policy- Its Effects The Government of India adopted a new economic policy whereby it relaxed and in certain cases removed restrictions on import and export. This resulted in significant changes in industrial and business sectors. One of the important aspects of the liberalised economic policy is the Exit Policy. Under this policy the government has allowed business and industrial establishment, to reduce their excess staff and employees. The reduction of excess staff is a result of restructuring of organisations due to modernising, applying new technology and new methods of operation, so that the industrial organisations could operate economically and withstand the competition with companies and organizations which have accepted foreign collaborations, innovative methods and technology upgradation, rendering some employees surplus. Since the procedure under Industrial Disputes Act 1947, for retrenching involves a lot of legal hurdles and complex procedures, the Government authorised s ...
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