If productivity-linked wage agreements were the order of the day in the 1980s, it was voluntary retirement schemes ( VRS ) in the 1990s.
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A voluntary retirement scheme ( VRS ) and the sale of non performing assets ( NPAS ) were termed as forceful layoffs and asset stripping.
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While about 1, 800 employees availed of the voluntary retirement scheme ( VRS ), 122 refused VRS . NGEF closed down in 2002 after incurring losses.
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Also weighing on both companies'bottom lines were one-time charges taken to pay for voluntary retirement schemes and other measures to slim down their bloated work forces.
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Also weighing on both companies'bottom line were one-time charges taken to pay for severance, voluntary retirement schemes and other measures to slim down their bloated work forces.
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Final prescription In a first step towards the infamous exit policy, the industry ministry is structuring a unique voluntary retirement scheme ( VRS ) fund to enable sick units to offer attractive severance options to their redundant employees.
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While announcing a voluntary retirement scheme to help trim Sri Lanka's bloated public sector, Choksy said two years of economic recovery have enabled the government to offer 10 percent raises in state employees'salaries and in pensioners'allowances starting in January 2004.
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