Centre approves new VRS scheme for CIWTC employees

North Gazette News/New Delhi
Centre government on Wednesday approved new Voluntary Retirement Scheme (VRS) for Central Inland Water Transport Corporation Limited (CIWTC) employees.

As per reports, the decision was taken in Union Cabinet meeting chaired by Prime Minister Narendra Modi here today.

“Union government gave its approval for an improved VRS scheme for CIWTC employees and disinvestment of CIWTC thereafter,” Indian government spokesperson said.

The spokesperson said that now 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,” he said, adding that necessary Grant-in-Aid from Government of India under Non-Plan would be given for this purpose.

He added that 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.

“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,” he added.