Kasturi & Sons Ltd. (KSL), publishers of The Hindu and Group publications , announced a Voluntary Retirement Scheme (VRS) on Monday for its employees, the first in its 136-year history.
The scheme is part of an ongoing organization-wide restructuring and efficiency enhancement programme focused on turning around the performance of the company.
The scheme is open to all employees above 40 years of age and with over 10 years of service and has been designed consistent with KSL’s long tradition of employee-centricity.
Employees opting to apply to the scheme will receive a generous compensation package — possibly the most generous of recently announced schemes in industry — in addition to normal retirement benefits such as provident fund, gratuity, superannuation, encashment of unavailed leave, unclaimed leave travel allowance and any eligible performance-linked incentives.
“We are committed to ensuring that our transformation is led by our people initiatives. To that end, we are rolling out a voluntary retirement scheme to support our employees desiring to opt for the scheme with a compelling retirement corpus. This initiative is consistent with our commitment to ensuring a performance-oriented culture within KSL,” the statement said.
