All 13 permanent workmen of Pharmacia Healthcare Ltd head office have opted for a voluntary retirement scheme and the applications have been accepted by the company.
The total payment towards VRS expenditure would be Rs 1.07 crore and would be effected this month.
The company has informed BSE that its board of directors has approved the voluntary retirement scheme for all the permanent workmen who have put in more than 10 years of continuous permanent service in the company or who have completed the age of 40 years and the workmen who have not availed of such benefits in the past.
The compensation is as follows: an amount equivalent to 81 months salary (basic + DA) or an amount equivalent to salary (basic + DA) for each remaining month of service upto the date of normal retirement / superannuation (i.e.58 years of age) whichever is lower.