Maruti To Offer 2nd VRS

New Delhi, Sept 18: | Updated: Sep 19 2003, 05:30am hrs
The countrys largest carmaker Maruti Udyog will offer a voluntary retirement scheme (VRS) this fiscal as part of efforts to improve productivity and increase competitiveness.

The companys board approved the VRS proposal on Wednesday which would be introduced in two phases during this financial year, and would be available to permanent employees at all levels, Maruti Udyog informed the Bombay Stock Exchange on Thursday.

Maruti is focused on improving its competitiveness in various fields, in line with which this scheme has been approved by the board, a company release said.

The company has formulated an attractive VRS and the pay-back period was expected to be just over two years, it said.

This would be the second VRS of Maruti after the first one in October 2001, through which the company reduced 1,050 employees, or 19 per cent of its total workforce.