Hero MotoCorp commences Voluntary Retirement Scheme for employees
17th Sep 2019

Hero MotoCorp has commenced a Voluntary Retirement Scheme (VRS) for its employees with an objective to improve productivity and efficiency. The scheme -- which will be valid till September 28 -- is applicable for employees who age 40 years and above and have completed a minimum of five years of continuous service at company.

The compensation package offered under the VRS would include a one-time lump sum payout calculated on the basis of the number of years spent by the employee in the service of the company and his/her remaining years before retirement, taking 58 as the age of superannuation. Apart from the lump-sum amount, the package also includes additional gifts, discounts on Hero products, medical benefits, variable pay, discounts on company-given cars and laptops, career opportunities at Hero for the children of the employees, relocation assistance and future business opportunities with the company and the other normal terminal benefits.

Hero MotoCorp is an India-based holding company and a two-wheeler manufacturer. The company is engaged in the manufacturing and selling of motorized two-wheelers, spare parts and related services.