PANAJI
A little over a year since resuming mining operations after a six-year hiatus, Vedanta has introduced a Voluntary Retirement Scheme (VRS) for its staff. Employees who have completed 10 years of service or attained the age of 40 are eligible to apply under the scheme, which will remain open until July 5.
In its internal communication, Vedanta informed employees that the decision has been taken in order to face growing competition and maintain or improve its market share. The company stressed the need to review and rationalize its operations and manpower requirements.
“In a climate of declining business trends with increasing competition in the global market and new mining auction regime, it has become imperative for the company to ensure long-term viability. It is with this objective that the company has to make its organization more efficient so as to effectively face the competition and retain/ increase its market shares. Hence it is necessary to review and rationalize its operations and manpower requirements,” the company stated, explaining the rationale behind the VRS.
“We are pleased to announce VRS for all iron ore Goa workmen of Vedanta Limited (iron ore business) who have completed 10 years of service or have attained 40 years of age as on the date of submission of VRS application... the scheme is open from June 21 to July 5,” it added.
The company has revealed the compensation structure under the scheme, which includes an additional incentive for early applicants. Applications submitted by June 25 will receive an additional Rs 1 lakh while those submitted between June 26 and 28 will get Rs 40,000. Acceptance of applications will be subject to the company’s discretion.
Vedanta had resumed operations at the Bicholim block in April 2024, albeit at a much smaller scale compared to pre-ban levels over a decade ago.
In June 2023, it had inducted workforce from its subsidiary, M/s Sesa Mining Corporation Ltd, citing the workers' familiarity with the Bicholim block's operations.
