Hero MotoCorp launches Voluntary Retirement Scheme (VRS) for all staff members

Motorcycle and scooter manufacturer Hero MotoCorp, on Wednesday, launched a voluntary retirement scheme (VRS) for its staff, the company stated in a press release.

"In keeping with the objective of building a robust organization in a rapidly evolving dynamic environment while retaining employee welfare at its core, Hero MotoCorp Ltd, the world’s largest manufacturer of motorcycles and scooters, today launched a voluntary retirement scheme (VRS) for its staff," it said.

According to the release, the VRS has been designed in line with the vision to make the organization agile and ‘future-ready’, consolidating roles and reducing layers to increase empowerment and agility.


"We expect this to improve efficiency within the Company through a lean and more productive organization," stated the release.

Applicable to all staff members, the VRS offers a package that includes – among other benefits - a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance, career support etc.

"The general consumer sentiment is improving, as reflected in the sales performance in the month of March. The constructive policies of the government and the social sector reforms have given a further boost to the demand scenario and the two-wheeler industry expects these factors to contribute towards a double-digit growth in this financial year," the company said.