1. #1
    Unregistered

    Details of Deductions on Voluntarily Retirement

    VRS what it is called as Voluntarily Retirement Service? I wanted to ask that if someone takes the advantage of this service then will he be not allowed for all the benefits given to a normally retired employee as he has taken the retirement earlier.

  2. #2
    Sydzee Array
    Join Date
    Mar 2013
    Posts
    163

    Re: Details of Deductions on Voluntarily Retirement

    Dear Friend
    First you need to understand the difference between Voluntary and involuntary retirement scheme. Voluntary means that, the person is opting for retirement on his own and before the actually time of retirement and involuntary is its opposite.
    When a person retires or leaves the service, the company has to settle his/her final dues, which includes gratuity, PF settlements, pending salary if any, other allowances if any, reimbursements if any, Pending bonus etc. For the calculation of some of these components like Bonus, gratuity, PF etc, the last drawn salary of the concerned person is considered as the basis.
    If the above mentioned method is followed, and if the person opts for voluntary retirement, his/her final settlement amount will be less, since his/her last drawn salary will also be less as compared to if he/she had waited for the actual retirement time.
    I think this way his/her retirement benefits might affect.
    Regards
    Sydney

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