Proposal for improved Voluntary Retirement Scheme for Central Inland Water Transport Corporation Limited employees
Press Information Bureau
Government of India
Cabinet
Government of India
Cabinet
24-December-2014
Proposal for improved Voluntary Retirement Scheme for Central Inland Water Transport Corporation Limited employees
The Union Cabinet chaired by the Prime
Minister, Shri Narendra Modi, today gave its approval for an improved
Voluntary Retirement Scheme (VRS) for the employees of Central Inland
Water Transport Corporation Limited (CIWTC) and disinvestment of CIWTC
thereafter. The VRS currently in vogue in CIWTC is under the existing
Central DA 1996/ Industrial DA 1997 is not attractive to employees and
therefore does not evince much interest from the existing workforce of
CIWTC.
The VRS benefit would be computed on
2006 pay scale for the employees covered under Central DA. For other
category of employees, it would be based on 2007 Industrial DA linked
pay scale. The improved VRS scheme would be opened for a period of three
months from the date of its offer with a provision of extension by
another one month. Necessary Grant-in-Aid from Government of India under
Non-Plan would be given for this purpose.
Implementation of the improved VRS
package would offer a better severance package to the employees of
CIWTC. This would improve the prospects of finding an investor to either
take over the assets or ensure viable commercial use of assets.
Source: PIB
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