Bokaro: Steel Authority of India Ltd (SAIL) has begun a major workforce rationalisation exercise, circulating a draft Voluntary Retirement Scheme (VRS) for executives and non-executives across its plants and units. The move has sparked intense discussion at Bokaro Steel Plant (BSL), where employees fear it could eventually pave the way for compulsory retirement.Under the draft, regular employees aged 50 or above with at least 15 years of service can apply. Contract, casual and temporary workers are excluded. For executives, eligibility will also depend on Average Credit Points (ACP) linked to performance appraisals.SAIL said the objective is “manpower optimisation for effective utilisation of human resources, enhanced employee productivity and improving quality of life of employees.” The compensation package will be calculated on salary, completed service and remaining years to superannuation, and paid as a lump sum. It will also include gratuity, provident fund, leave encashment, pension or NPS benefits, and post-retirement medical facilities.The draft prohibits re-employment in SAIL, its subsidiaries or joint ventures, and may require refunds if a retiree joins another PSU. Applications will be submitted online on a first-come, first-served basis. Employees facing vigilance or disciplinary proceedings will not be eligible.“Employees are worried that this may later turn into a compulsory retirement mechanism,” said B K Chaudhary of JJMS. SEFI vice chairman Ajay Pandey said the cap at 75% reduces the scheme’s appeal and that the draft lacks safeguards to retain critical skills.
