Paper Details

Voluntary retirement scheme i.e. VRS also known as 'Golden Handshake'is offered toan employee to get voluntarily retire from services before the actual retirement date. The scheme helps firms to reduce the number of employees and eventually related expenses against them. It can be implemented firms in both the public and private sectors. During COVID, while firms are trying to find out the way to work with a reduced size of workforce, employees, concerned about their health,are thinking about retiring and not to come back on work. Hence VRS is a nice opportunity for both the employer and the employee agreeing for early retirement. While the choice to retire early is a challenging decision for both employers and employees, providing a plan and continued support can make it an effective turnaround strategy for aneasier transition from loss-making firm to profit making firm.

VRS, Pandemic, COVID, Turnaround Strategy, HRM