Tuesday, October 21, 2025
spot_img

Ashok Leyland announces voluntary retirement scheme

spot_img
- Advertisement -

Ashok Leyland announces voluntary retirement scheme

Ashok Leyland has announced a voluntary retirement scheme for its employees, the company said on Friday. Its board of directors, at a meeting held on November 6, approved the scheme, Ashok Leyland said in a BSE filing.

According to company statement, the scheme would be implemented over a period of nine months. Upon implementation and execution, the VRS would help optimize the capacity and resources of the company, the heavy vehicles-maker said in the filing.

Payout will be based on tenure, higher the tenure will be the higher payout. If anyone has completed five years in the company, He/she will get one month of salary for five months; if the tenure is more than five years, the employee will get half a month salary for the service term.

Last year, Ashok Leyland had offered two months’ fixed pay for each completed year of service for employees with 15 years of tenure. For those who had completed between five and 10 years, it was offering one month of fixed pay.

The company has 5,700 employees and the scheme is open for all those who have completed a minimum one year service with the organisation. The contours of the scheme will be announced in a couple of days, said N V Balachandar, President-HR, Ashok Leyland.

N V Balachandar further said, “the scheme would help the company create a more cost-effective and efficient organisational structure.”

spot_img

Editorial

Why TCS Deferred FY25 Salary Hike: Better Hike Ahead?

TCS had initially announced its annual salary hike during...

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Employee Benefits at India’s Big 4 Firms Deloitte, PwC , EY, KPMG

The Big 4 firms; Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst...

TCS Announces 4-8% Salary Hike for FY25, Lowest in Last 4 Years

Tata Consultancy Services (TCS), India's largest IT services provider,...

Must Read

Anglo American Platinum gets Sayurie Naidoo as CFO & Executive Director

The board of Anglo American Platinum Limited has announced...

Freshers, Grab This Now! Apply For TCS Virtual Internship 2025

Tata Consultancy Services (TCS) has unveiled its Virtual Internship...

SpiceJet announces 20% salary hike for pilots

India’s airline, SpiceJet has announced a 20 percent salary...

TCS iON Offers Free Digital Certification Course; Register Here

Are you looking to boost your career prospects in...

How to Build and Lead a Collaborative Team

Collaborate(verb) Meaning - to work jointly on an activity...

Apply Now: DRDO-DIBT Biotech and Microbiology Internship

Defence Institute of Biodefence Technologies (DIBT), a specialized research...

Caste Discrimination in Blr Corporate: Employee Commits Suicide

An employee working in Bengaluru died by suicide earlier...

Consumer durables, FMCG & retail sectors push talent demand for festive hiring- TimesJobs

Consumer durables, FMCG & retail sectors push talent demand...

Related Articles

SightsIn Plus
SightsIn Plushttps://sightsinplus.com/
SightsIn Plus is an India’s leading high-quality people-focused monthly HR Magazine and provides up-to-date HR News, Leadership Announcements, Best HR Practices and Insights by Global CHROs, CEOs, HR Advisors, Business Managers and HR Heads on topics of interest to HR professionals. To subscribe SightsIn Plus, HR Magazine please visit- https://sightsinplus.com/subscribe/