Kathmandu: Three life insurance companies, Prime Life Insurance Company, Gurans Life Insurance Company, and Union Life Insurance Company have announced volunteer retirement schemes (VRS) on the verger of the merger process. The VRS announced amid the over-staffing issues after the proposed integrated business operation after the completion of the merger.
Employees working at the higher management level will get a minimum of 6 months’ salary. Additionally, employees who have served for one to three years will receive an additional 2 months’ salary as compensation. Similarly, those who have served for above 3 years to 5 years will receive an additional 6 months’ salary. Those who have served above 5 years to 10 years will receive an additional 10 months and those who have served above 10 years will receive an additional 12 months’ compensation. The benefits will be calculated based on the latest salary drawn by these employees.
Officer-level employees will get a minimum of 7 months’ salary as compensation. The employees from the assistant manager to the chief manager will fall into this category. Employees who have served for one to three years will get an additional three months’ salary as compensation. Those who have served for three years to five years will receive an additional seven months, those who have served for five years to ten years will receive 11 months and those who have served for more than 10 years will receive an additional 13 months’ salary.
In the case of officer-level employees, the company will provide a minimum of 8 months’ salary as compensation. Officer-level employees who have served for 1 year to 3 years will get an additional 4 months’ salary. Accordingly, those who have served for above 3 years to 5 years will get an additional 8 months’ compensation, those who have served above 5 years to 10 years will get an additional 12 months’ pay and those who have served above 10 years will get an additional 14 months’ salary as compensation.
In the case of assistant-level employees, a minimum of 10 months’ salary as compensation has been guaranteed. Assistant-level employees who have served for 1 year to 3 years will get an additional 5 months’ pay. Those who have served above 3 years to 5 years will get an additional 9 months’ compensation. Employees who have served for 5 years to 10 years will get an additional 13 months and those who have worked for more than 10 years will get an additional 15 months’ salary.
In the case of other designations, a minimum of 12 months’ salary will be provided as compensation. If the employee has served for 1 year to 3 years, they will get an additional 6 months, if they have served for 3 years to 5 years, they will get an additional 10 months, if they have served for 5 years to 10 years, they will get an additional 14 months, and if they have served for more than 10 years, they will get an additional 16 months.
All permanent employees who have served for more than one year are eligible for the VRS.
