The list of senior executives who have opted for the scheme includes an executive director and a couple of general managers.
Most of the senior officials eligible have opted for the VSS, which opened on September 8, sources said.
However, bulk of the employees from class II and III have stayed way from the VSS. It is likely that UTI Mutual Fund extend the VSS package for a couple of days to encourage more employees to opt for VSS.
UTI Mutual Fund officials refused comment on this. UTI has reserved the right to reject any employee's application for VSS.
"This is much better than the VRS schemes of public sector banks as it offers three months' salary for every year of service while the banks offered only two months' salary," said an UTI official.
"UTI Mutual Fund may not require more than 600 employees for its current operations. This indicates what was the unsaid target of the scheme," a senior official added.
The scheme, which is to be funded by government, entitles employees to an ex-gratia payment of 90 days' salary for each completed year of service, or salary for the number of months of service left, whichever is less, subject to a cap of Rs 20 lakh.
There are other benefits extended under various options like the retention of residential premises for six months, as well as medical insurance for hospitalisation expenses, subject to certain conditions.
The eligible employees include all Class III and Class IV staff; employees who are on deputation to other institutions as on the date of launch of the VSS and officers working in UTI Asset Management Company or Specified Undertaking-UTI as on the date of VSS launch and who have completed 10 years of service or 40 years of age.
