My presence was needed at home

Chennai-based Pankajam Venkatasubramanian retired as Block Development Officer in the Government of Tamil Nadu in 2009. She opted for VRS at the age of 51, to devote more time to her family.

“My daughter was suffering from neurological problems from the age of 12. While I managed for 10 years with my husband’s support, thereafter my presence was needed at home,” she explains.

Though she liked her job, her daughter’s difficult condition forced her to opt for the VRS. “It was a well-thought-out decision in which the pros and cons were discussed by the entire family,” she adds.

The VRS amount she got was not way off the mark from what she would have got had she continued on the job. And the satisfaction she got from concentrating on her family outweighed the financial benefits. The funds were invested in FDs, Post Office savings and mutual funds that fetch regular income.

Both Pankajam and her husband get pension and their son is well-settled.

I was able to focus on my daughters

Bengaluru-based Geetha Gopalakrishnan, aged 56, who was working as a computer operator in Andhra Bank, opted for VRS in January 2001. Geetha says, “I had no plans of quitting the job and was very happy with my bank. Hence, I was in a dilemma in the beginning, when the scheme was announced.” But then, she made up her mind and decided to accept the offer. “It was not a very difficult decision as the compensation was good and my husband was well-settled. I enjoyed my job for 22 years and now have got my own time, to relax and concentrate on my daughters.”

“I would have benefited more monetarily had I continued with the job,” she says, “but the peace and happiness of doing more at home outweighed the loss.”

Geetha repaid her housing and other loans with the bank, using the proceeds of the VRS. Of the balance amount, she put a chunk in bank fixed deposits and some money in LIC policies. Also, it helps that she gets a monthly pension.

Geetha, who did not take up another job after retirement, became an LIC agent about six years ago to keep herself engaged.

I did not want to relocate

Chennai-based Venkataraman K, an officer with the Central Bank of India, took VRS in 2001. He decided to retire early despite being happy with his role. “At that time, I had only two years of service left and if I hadn’t opted for the VRS, I might have been transferred. Both my daughters were young, and I had some health problems, hence I could not afford to shift the family out of Chennai. So, I opted for the VRS.”

He did not take up employment after retirement.

My children said, “You have worked enough; we will take care of you.” Financially, there was no strain because he opted for the pension option at the time of the VRS.

From the lumpsum amount he got as part of the VRS package, Venkataraman spent for his elder daughter’s wedding and has also kept some portion for the younger one’s wedding.

Besides, he has invested in monthly income schemes with Central Bank of India, an institution he is still very fond of and loyal to.

These days, he has more time for his personal activities and hobbies, which include listening to music and attending concerts.

I got more benefits

Tiruvalla-based M George, 69, opted for VRS from the government-controlled HSCL in 2000. George, Deputy Manager in the Personnel Department, was very happy with his job. So, why opt for the VRS?

“I chose it because it had additional benefits compared with the normal retirement schemes. After all, I would have had to go for normal retirement in some years. Since the VRS was better, I chose it,” he explains.

It being an attractive scheme, the lumpsum amount he received was sufficient to fund his retirement, says George. He utilised some of the money for the education and marriage of his children and also opened fixed deposits in some banks. But he is not happy with the amount of pension he gets now, which he says is very poor. He is hoping for an enhancement of this amount.

George did not take up any other job after retirement. And after all these years, he has no regrets and is happy with his decision to have opted for the VRS scheme. He says, “Currently, I am involved with some gospel work.”

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