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Last Updated On 17-Sep-2020
Employment and Labour

voluntary retirement

I was working in one of the India's largest Steel plant. It is a private sector Steel plant . In August 2020 my employer asked me to take early retirement. My age is 51 years and my employer has not disclosed me any benefits for my early retirement. I have seen SBI, BSNL, BPCL, SAIL a Government sector and Honda Cars, TATA Motors & Ashok Leyland a private sectors offered a Golden hand shake VRS scheme to their employees. But my Employer has not offered me any such Ex-gratia salary benefits for remaining residual period of service left until superannuation. I want to know what are the rights and benefits for private sector employees for voluntary retirement as per Indian Labour Law.

( Bellary, Karnataka )

16-Sep-2020

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You have to get issue a legal notice and get know the benefits first.
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Posted On 17-Sep-2020
Kishan Dutt Kalaskar
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Dear Client, Private companies have their own structure of beneficial scheme. better to consult a Labour Lawyer near by your Jurisdiction. Usually they would give lump sum say depends usually 25 lakhs to 1 crore depending from Labour to Offficer Position. The Money said is considered as an Example. It depends of company to company.
Posted On 16-Sep-2020
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