NEW DELHI, Sept 20: Apollo Tyres Ltd has launched a voluntary retirement scheme (VRS) for its workers at its Perambra plant in Kerala, a company statement here said today."Over 100 workers have already opted for the scheme, which was introduced to face the emerging competition," the company said. VRS would allow the company to optimise manpower utilisation and costs, it said.
The Perambra plant had recently witnessed a 13-week lockout which was lifted following an amicable settlement between workers and the management at Thiruvananthapuram in July this year.
VRS envisages payment of two months basic plus DA for every completed year of service.
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