Deccan Chronicle Holdings to implement VR scheme

Deccan Chronicle Holdings Limited (DCHL), the publishers of Deccan Chronicle, Andhra Pradesh's largest circulated English newspaper, on Monday announced a Voluntary Retirement Scheme (VRS) for its employees.

The scheme would be availed by about 100 employees primarily from the Hyderabad plant following its modernisation, according to a press release.

The decision to this effect has been taken by the board of directors of the newspaper establishment here on Monday and the same has been informed to the National Stock Exchange (NSE).

"Currently, the board has accepted the resignations of 52 employees out of the proposed number who have submitted their resignations under the VRS," the communique said.

VRS will affect the employee cost and it will significantly result in cost-saving for DCHL, which already has one of the lowest employee-cost in the industry, the press release said.

Most of the employees who opted for the VRS are from the processing and composing departments.

Sources said that the management and the plant union have already signed an agreement on the retirement scheme. The company press release stated that the compensation package will be finalised after the settlement of individual accounts.