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TSRTC management allays fears of employees over VRS benefits
Telangana State Road Transport Corporation
Several employees have expressed doubts over settlement and benefits payable to them in case of voluntary retirement, including provident fund, pension, retirement benefits, settlement salary, PF of employee contribution and many more
Hyderabad: The TSRTC employees raised serious doubts over the benefits to be extended to those who opt for the voluntary retirement scheme (VRS), while the management is trying to ally apprehensions and also issued circulars in this regard.
According to the RTC union leaders, VRS for TSRTC workers has been in the offing for several months. Several employees have expressed doubts over settlement and benefits payable to them in case of voluntary retirement, including provident fund, pension, retirement benefits, settlement salary, PF of employee contribution and many more.
A statement has been issued by the corporation on settlements and benefits payable to those opting for VRS. "All the unit officers of TSRTC shall be advised to educate the employees as per the statement enclosed and to clarify doubts of the employees aspiring for VRS," said the corporation.
Unit officers have been directed to upload data every day so that an assessment can be done. This includes an enumeration of those who are willing to take VRS. Once this is done, unit officers have been directed to wait for further instructions."
According to an official document, employees who have completed 20 years of service are eligible for VRS. They are required to give a month's notice or should pay a month's salary in lieu of notice. Those who opt for this will be given regular terminal benefits, and some additional benefits.
The document also said that some employees have requested that they be retired as they are unable to discharge duties for various reasons.
Regarding major doubt on PF by the employees, the corporation said the accrued employee's contribution, including the employer's share credited on the date of VRS, will be settled with interest. On the pension scheme, the document showed that minimum pensionable service is 10 years of continuous service and minimum pension payable is Rs 1,000/month.
Regarding the staff thrift scheme and staff retirement benefit scheme, the corporation informed that the accrued employee's contribution with interest would be paid. There are over 12 major doubts on which the corporation has issued a circular explaining benefits to the employees who opt for VRS.
