Hero MotoCorp launches voluntary retirement scheme (VRS) for its staff
Hero MotoCorp, India's largest two-wheeler manufacturer, has announced the launch of a voluntary retirement scheme (VRS) for its staff. It says that the VRS designed to make the company agile and future-ready, while it also expects to improve efficiency via a lean and more productive organisation.
A statement issued by the brand said that in keeping with the objective of building a robust organisation in a rapidly evolving dynamic environment while retaining employee welfare at its core, Hero MotoCorp Ltd, the world's largest manufacturer of motorcycles and scooters, today launched a voluntary retirement scheme (VRS) for its staff.
As a part of this scheme, all its staff will benefit from a one-time lump-sum amount, variable pay, gifts, medical coverage, relocation assistance, career support, and retention of the company car.
"The VRS has been designed in line with the vision to make the organisation agile and 'future-ready', consolidating roles and reducing layers to increase empowerment and agility. We expect this to improve efficiency within the company through a lean and more productive organisation," it said.
"The general consumer sentiment is improving, as reflected in the sales performance in March. The constructive policies of the government and the social sector reforms have given a further boost to the demand scenario and the two-wheeler industry expects these factors to contribute towards a double-digit growth in this financial year," the manufacturer added.
In other news, Hero MotoCorp recently appointed Niranjan Gupta as its new Chief Operating Officer (CEO). Mr Gupta previously worked as the Chief Financial Officer (CFO) at the company.
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