Retirement in India
VRS applies to employees who have completed 10 years of service or are above the age of 40 years. It applies to workers, executives of companies and/or to an authority of a co-operative society (except company/co-operative society directors). As per the rules, voluntary retirement scheme should result in an overall reduction in the existing strength of employees and the vacancy cannot be filled up. PSUs have to obtain prior approval of the government before offering voluntary retirement. Firms can frame different schemes, however, they must conform to the guidelines under section 2BA of the Income-Tax Rules. One of the pertinent rules clearly states that retiring employee must not be employed in another firm belonging to the same management.
Retirement in India includes all the culture around retirement in India.
Various organizations offer "voluntary retirement schemes" (VRS) as part of their strategy to have turnover of employees.[1][2][3][4]
Indian culture has a traditional concept that retirement can include sannyasa, which is a phase of life for focusing on spiritual development.[5]
A 2013 report found that there is trend for people to be worked till older age.[6]
A 2001 report described high diversity in expectations of retirement across generations and urban versus rural life.[7]
A 2016 report described that when professional and highly trained women retire they are likely to join volunteer service to benefit the public.[8]
See also
[edit]References
[edit]- ^ Dey, Kaustav; Ray, Pranabesh; Rey, Prabanesh (2003). "VRS and Its Effect on Productivity and Profitability of a Firm". Indian Journal of Industrial Relations. 39 (1): 33–57. JSTOR 27767880.
- ^ Maheshwari, Sunil Kumar; Kulkarni, Vilas (April 2003). "Implementation of VRS in India". Vikalpa: The Journal for Decision Makers. 28 (2): 75–82. doi:10.1177/0256090920030206.
- ^ Abraham, Vinoj; Jain, Ritika (5 June 2015). "Privatisation and the Voluntary Retirement Scheme". Economic and Political Weekly. 55 (40): 7–8.
- ^ Guha, B. P. (1996). "Voluntary Retirement Schemes in Indian Industries". Indian Journal of Industrial Relations. 31 (3): 378–391. JSTOR 27767424.
- ^ Savishinsky, Joel (July 2004). "The Volunteer and the Sannyāsin : Archetypes of Retirement in America and India". The International Journal of Aging and Human Development. 59 (1): 25–41. doi:10.2190/N660-CUCK-J36Y-JM40. PMID 15453410. S2CID 23438273.
- ^ Dhillon, Preeti; Ladusingh, Laishram (23 October 2013). "Economic activity in post retirement life in India". Asia-Pacific Population Journal. 26 (3): 55–71. doi:10.18356/ae006456-en.
- ^ Kumari Bhat, Anitha; Dhruvarajan, Raj (September 2001). "Ageing in India: drifting intergenerational relations, challenges and options". Ageing and Society. 21 (5): 621–640. doi:10.1017/S0144686X0100842X.
- ^ Pandya, Samta P. (2 September 2016). "What do highly qualified professionally achieving women do after retirement in India? Exploring time use, leisure, and volunteering". Journal of Women & Aging. 28 (5): 431–443. doi:10.1080/08952841.2015.1018050. PMID 27143504. S2CID 22007856.