STEEL AUTHORITY OF INDIA LIMITED - IISCO STEEL PLANT

Personnel Department: Central Functions

7, THE RIDGE, BURNPUR
PL/PR&IR/2017/281 Dated : 15/06/2017

CIRCULAR

Sub : Voluntary Retirement Scheme 2017

A Voluntary Retirement Scheme based on SAIL Corporate Office Letter No. PER/MPP/VRS-2017 dated
07/06/2017 is hereby implemented in IISCO Steel Plant, Burnpur.

The Voluntary Retirement Scheme 2017 (Annexure I) and the format for application (Annexure
II) are enclosed. The eligible employees are hereby requested to submit their application in
prescribed format in triplicate at their respective Personnel Office. Application forms will be available
with concerned Personnel Officers and ISP portal.

The scheme will be operational in ISP from 15th June 2017 to 30th September, 2017.

VR applications shall be accepted up to 20th of the month in which release is sought.

This issues with the approval of Competent Authority.

(R Banerjee)
AGM(Pers-CF & HRIS)
Distribution :
1. All EDs
2. All GMs
3. All HODs
4. DGM(Vigilance) & ACVO / DGM(Tech.), CEOs Sectt. / DGM (PR)
5. AGM(F&A)- Pay / AGM(Pers), CEOs Sectt.
6. All Executives of Personnel Department

Copy forwarded to : President, IOA

Copy forwarded to : General Secretaries
1. Asansol Iron & Steel Workers Union, Burnpur
2. ABK Metal & Engg. Workers Union, Burnpur
3. United Iron & Steel Workers Union, Burnpur
4. Burnpur Ispat Karmchari Sangh , Burnpur
5. Iron Steel & Engg. Workers Union, Burnpur
 Annexure -I

STEEL AUTHORITY OF INDIA LIMITED

IISCO STEEL PLANT, BURNPUR
Voluntary Retirement Scheme -2017

1. Objective
To achieve manpower optimization for effective utilization of human resources, improved
productivity, cost reduction and quality of work life.

2. Scope
The scheme shall apply to regular/permanent SAIL employees(1). However, granting of
Voluntary Retirement shall be at the sole discretion of the Management.

3. Eligibility
Employees who have put in 15 years of service (2) or more in SAIL and are 45 years of age or
more.

4. Benefits under the Scheme

(3)
An employee whose offer of Voluntary Retirement is accepted will be entitled to the
following benefits(4):

i. The VR compensation will consist of salary of 35 days for every completed year of
service and 25 days for the balance of service left until superannuation. The
compensation will be subject to a minimum of Rs 25,000/- or 250 days salary
whichever is higher. However, the VR compensation amount shall not exceed the
sum of the salary that the employee would draw at the prevailing level for the
balance of the period left before superannuation. The VR compensation amount
shall be paid on lump sum basis.
ii. Salary for the purpose of VRS will consist of Basic Pay and D.A. only, being drawn on
the date of release.
iii. Salary for VRS and consequently ex-gratia/VR compensation shall be calculated on
the basis of 30 days in a month.
iv. Provident Fund-As admissible under the Rules.
v. Medical facilities for self and spouse as available on superannuation.
vi. Transfer benefits for self and family as admissible under the Travelling Allowance
Rules on superannuation.
vii. Gratuity and leave encashment, as per the rules of the Company.
viii. Enhanced VR compensation on account of any increase in wages / salary consequent
to wage revision shall be payable; subject to terms and conditions of the wage /
salary revision due w.e.f. 01.01.2017 and applicable DPE guidelines.
ix. Dinner set and Service Certificate shall be given at the time of farewell, as provided
on superannuation.

5. Repayment of Loans
Employees availing VR shall be required to repay outstanding loans/advances with interest
and it may be adjusted from VR compensation /leave encashment/gratuity.
6. Tax Payment
The Voluntary Retirement benefits shall be subject to income tax as per the rules.

7. Re-employment
An employee availing of voluntary retirement under this scheme will not be eligible for re-
employment in any of SAIL Plants/Units, subsidiaries or joint ventures.

Once an employee avails of voluntary retirement from SAIL, he/she shall not be allowed to
take up employment in other PSU. If he/she desires to take up employment, he/she shall
have to return the VRS compensation received by him/her to SAIL.

8. Pension

An employee availing of VR under the scheme shall be eligible to benefits under the SAIL
Pension Scheme subject to fulfillment of terms and conditions.

9. Procedure(5).(6)

i. An eligible employee shall submit an application for voluntary retirement under the
scheme to the competent authority through proper channel in the prescribed format.
ii. Applications received from employees for VR shall be examined by the Screening
Committee at plant/unit level and shall be recommended for accepting/rejecting.
iii. The VR application cannot be withdrawn after the same has been accepted, i.e.
approved by the competent authority.
iv. Employees whose VR application has been rejected by the Screening Committee may
appeal before the Appellate Committee.

10. Tenure

The scheme will be implemented for a period from 15th June , 2017 to 30th September, 2017.

11. Right of Management

I. The Chairman, SAIL reserves the right to extend/limit the period of operation of the
scheme or to withdraw and re-introduce the scheme, and to modify/alter/amend
the scheme in any manner without any notice and without assigning reasons
therefore.

II. Notwithstanding any of the aforesaid provisions, the scheme does no confer any
right on any employee to have his or her request for voluntary retirement accepted
by the Competent Authority. Competent Authority will have full discretion to accept
or reject the request from an employee for voluntary retirement.

******************
Explanatory Note :

1. Employees under Bond consequent to training/study leave, sponsorship and on

lien/deputation etc. are not eligible.
2. Service shall mean continuous service as per the Gratuity Rules of SAIL.
3. The following are the Competent Authority for accepting of VR.

Non-executive & executives up to E-4 grade Chief Executive Officer

Executives in E-5 & above grades Chairman

4. For reckoning of benefits, date of release shall be the relevant date.

5. Employee shall submit application in prescribed form to respective Personnel Executive. An
acknowledgement shall be given to the employee.
6. In case of acceptance of VR by competent authority, all other formalities including vigilance
clearance requirement shall be followed as per the rules before release of the employee.
 Annexure -II

STEEL AUTHORITY OF INDIA LIMITED

IISCO STEEL PLANT, BURNPUR
To
___________________
(Personnel Officer)
IISCO Steel Plant,
Burnpur.
Through Proper Channel

Subject : Voluntary Retirement Scheme 2017

Dear Sir / Madam,

With reference to Circular No. PL/PR&IR/2017/281 dated 15/06/2017, I want to avail the benefit of VR
Scheme 2017 and request that I may be released from the Services of SAIL, ISP w.e.f. 30.06.2017 / 31.07.2017
/ 31.08.2017 / 30.09.2017 under VRS-2017.

In this regard, relevant particulars are furnished below:

1.Name (in block letters): 2.SAIL PNo.

3.Pl No. :
4.Designation: 5.Department & Section : 6.Grade :

7.Date of Birth: 8.Date of appointment : 9.Date of Joining ISP :

M M - D D - Y Y Y Y M M - D D - Y Y Y Y M M - D D - Y Y Y Y
10.Basic Pay : 11. PP (if any) : 12. DA:
13.Address for communication :

14. Mobile No. (other than CUG in case of executives)

15. e-mail id (other than @sailisp.com) :
15.Reasons for seeking VR :

It is hereby declared that I have fully understood the VR Scheme-2017 and undertake to abide by all the terms
and conditions of the said scheme.

I also understand that I shall not be eligible for future employment in SAIL and its Subsidiaries or Joint
Ventures. I further understand that after availing voluntary retirement from SAIL, I shall not be allowed to take
employment in any other PSU and in case I desire to do so, I hereby undertake to return the amount received
as VRS compensation to SAIL.

Place : (Signature of applicant)

Date : (Name of applicant)

Verified that the details as filled by the applicant at Sl. No. 1 to 9 are correct as per personal records of the applicant.

(Signature of Personnel Officer)

(Seal of Personnel Officer) Date:
Member Secretary(Screening Committee)