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After nearly a decade, pharma major Dr Reddy's Laboratories Ltd is offering a voluntary retirement scheme (VRS) to its employees.
“We have identified that there are excess staff across departments and hence introduced the scheme,'' Mr G.V. Prasad, Chief Executive Officer, Dr Reddy's told newspersons here on Wednesday.
The company, which has 14,000 employees on its rolls at present, had offered VRS to its employees for the first time in 2002.
The eligibility criteria to apply for voluntary retirement are a minimum service of 10 years in the company. Further, one has to be above 40 years of age.
Approximately 10 per cent of total employees (1,400) might be eligible to go for the scheme.
Though the nature of benefits under VRS would vary from one employee to another, the monetary impact might not be ‘significant', according to Mr Prasad.
Dr Reddy's made a provision of Rs 14 crore for VRS during the first quarter ended June 30, 2011 as one-time charge.
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