The Union Cabinet, chaired by Prime Minster Narendra Modi, on Wednesday approved an improved Voluntary Retirement Scheme (VRS) for the employees of Central Inland Water Transport Corporation Limited (CIWTC).
According to reports, the VRS currently in vogue in CIWTC is under the existing Central DA 1996/ Industrial DA 1997 is not attractive to employees and therefore does not evince much interest from the existing workforce of CIWTC.
The implementation of the improved VRS package would offer a better severance package to the employees of CIWTC. This would improve the prospects of finding an investor to either take over the assets or ensure viable commercial use of assets.