Financial Daily from THE HINDU group of publications
Saturday, Jan 19, 2002
Financial Daily from THE HINDU group of publications Saturday, Jan 19, 2002 |
|
|
|
|
|
Corporate
-
Restructuring SAIL announces VRS again -- To cut staff by 7,000 Indrani Dutta
KOLKATA, Jan. 18 STEEL Authority of India Ltd (SAIL) has announced another round of voluntary retirement scheme (VRS). The scheme, which opened on January 15, will be on till May 31. Mr M.K. Moitra, Director, SAIL, told Business Line that a target of 7,000 had been set for this round. "We are trying to have a workforce of around a lakh by 2005," he said. SAIL, which has been implementing VRS since 1998 has already pared its workforce by 26,000 so far. Mr Moitra said that the new scheme has already been circulated and applications will be received till May 15. Commenting on the attitude of the unions, he said that while they have not officially supported the VRS, they have not opposed it either. The unions at SAIL have mostly left the decision to the individuals concerned, a company source said. It is pointed out that so far the biggest reduction was achieved in 1999 when 13,670 persons left. In 2001, 6,510 employees left, while in the first year of its implementation, in 1998, the PSU could reduce its workforce by 5,975, the sources said. SAIL's current workforce is around 1.48 lakh, according to Mr Moitra. He said that one of the major features of the new scheme would be its single shot payment mode as against the earlier scheme in which SAIL had resorted to deferred payment. He also said that it would not take any budgetary support for implementing this scheme. "We will do it from our own resources," he said Pointing out that the emphasis of the scheme would be on reduction of workforce in the plants to boost productivity, the sources said that so far over 5,800 persons had been shed from the Bhilai Steel Plant, followed by Rourkela Steel Plant (around 5,000) and Durgapur Steel Plant, where the workforce was reduced by over 4,600. Bokaro Steel saw the exit of over 3,500 persons through the previous VRS.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|