New Delhi, Sept. 18: Maruti Udyog Ltd, the country’s largest car maker, will float a fresh voluntary retirement scheme (VRS) this fiscal in order to improve productivity and increase competitiveness.
This will be the second VRS of Maruti after the first one in October 2001, through which the company reduced 1,050 employees.
The new exit package will be offered in two phases and will be available to permanent employees at all levels.
The car maker said the VRS will be attractive and the pay-back period is expected to be a little over two years. However, a company spokesperson refused to give details and only said, “the modalities will be worked out later”.
Auto analysts said the scheme will probably target between 500 and 800 workers and will be similar to the previous offer that offered each employee about Rs 6.2 lakh on an average.
Maruti, a subsidiary of Suzuki Motor., produces 10 car models.