The country’s largest two-wheeler maker by volume, Hero MotoCorp on Wednesday announced a voluntary retirement scheme for its staff with an aim to improve efficiency and become a lean and more productive organisation.
The scheme has been designed in line with the vision to make the organisation agile and ‘future-ready’, consolidating roles and reducing layers to increase empowerment and agility, Hero MotoCorp said in a statement.
“We expect this to improve efficiency within the company through a lean and more productive organisation,” it added.
The company said the voluntary retirement scheme (VRS) is applicable to all staff members and it “offers a generous package that includes – among other benefits – a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance and career support”, among others.
The announcement comes at a time when the two-wheeler category witnessed a seven-year low in total retail sales at 15.9 million units in FY23, as per the Federation of Automobile Dealers Associations (FADA) latest data.
Hero MotoCorp, however, said the general consumer sentiment is improving, as reflected in the sales performance in March 2023.
“The constructive policies of the government and the social sector reforms have given a further boost to the demand scenario and the two-wheeler industry expects these factors to contribute towards a double-digit growth in this financial year,” it said.
