Kathmandu: Surya Life Insurance and Jyoti Life Insurance have announced voluntary retirement scheme (VRS) for their employees. Both companies are in the final stage of merger with each other. Both companies have offered a lump-sum amount equal to their annual salary and allowances in addition to the benefit amount for those who want to participate in the voluntary vacation.
Permanent employees can participate in this scheme. According to the companies, this arrangement has been made for the employees who do not want to continue in the service of the company formed after the merger.
The Board of Directors(BODs) of the companies have issued the Employee Voluntary Retirement Scheme-2079 to lower the burden of excess workforce after merger. The employees who opt to participate in the VRS can apply within 6 Mangsir 2079.
Employees who wish to apply for the VRS must have completed at least 2 years of permanent appointment in the company. Similarly, permanent employees who have completed 46 years of age on the date of release of this scheme and senior officers or permanent employees working in a higher position can participate in this scheme.
Both the companies have stated that the benefits will be calculated up to 30 Kartik, 2079.
Criteria for additional financial compensation:
From CEO to Assistance General Manager:
Employees in this position will get a minimum of 6 months salary allowance. If they have worked for 3 years to 5 years, they will get an additional 4 months, if they have worked for 5 years to 10 years. They will get an additional 6 months, and if they have worked for more than 10 years, they will get an additional 8 months of salary allowance.
From Deputy General Manager to Assistant Manager:
Employees in this post will get minimum 7 months salary allowance. Apart from this, if they have worked for 5 years more than 3 years, then they will get an additional 5 months, if they have served for more than 5 years for 10 years. They will get an additional 7 months and if they have served for more than 10 years, they will get an additional 9 months salary allowance.
From senior officers to junior officers:
The employees will get a minimum of 8 months salary allowance. Apart from this, if they have worked for 5 years above three years, then they will get an additional 6 months salary and allowance. If they have worked for above 5 years to 10 years, they will get an additional 8 months compensation. If they have worked for above 10 years, additional 10 months salary and allowance will be paid.
From Senior Assistant to Office Assistant One:
Employees in this position will get minimum 10 months salary allowance. Apart from this, if they have worked for above 3 years upto 5 years will get an additional 7 months.If they have worked for above 5 years upto 10 years, will get an additional 9 months compensation.If they have worked for more than 10 years, they will get an additional 11 months of salary allowance.
For Office Assistant 02, 03, 04:
The employees in the post will get a minimum of 12 months salary allowance. Apart from this, if they have worked for 5 years more than three years, they will get an additional 8 months.If they have worked for above 5 years upto 10 years, they will get an additional 10 months beneftis.If they have worked for above 10 years, they will get an additional 12 months salary allowance.
Apart from benefit amount and additional benefits, other benefits can also be received. The employees whose applications for the VRS are approved will receive all the additional benefits specified under the plan as well as the company’s employee service conditions and benefits regulations 2074.
