Footwear company Bata India will introduce a voluntary retirement scheme for all eligible workers at its Southcan unit located in Karnataka, the company said on Thursday.
"The Board of Directors of Bata India Limited has today, ie on August 31, 2023, considered and approved introduction of a Voluntary Retirement Scheme (VRS) for all eligible workmen at the Southcan Unit in the state of Karnataka," Bata India said in a regulatory filing.
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Bata India said that it believes that implementation of the VRS will be mutually beneficial to the workmen and the company.
"Status of implementation of the aforesaid VRS and financial impact thereof will be ascertained and communicated in due course, as per the Company's Policy for Determination of Materiality of an Event or information," the filing said.