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Ahead of turning ‘landlords’, 11 major ports to roll out special VRS
December 30, 2020
Unions decry ‘agenda’ to dilute resistance when port authorities go for corporatisation
Eleven state-owned major port trusts have received approval from the Ministry of Ports, Shipping and Waterways to roll out a special voluntary retirement scheme (SVRS) as the government moves to trim flab ahead of a planned makeover of the governance structure of these entities.
The 11 major port trusts have about 25,000 employees comprising Class 1 and 2 officers and Class 3 and 4 cargo handling and non-cargo handling workers.
An employee opting for SVRS will be entitled to an ex-gratia payment equivalent to one-and-half months’ emoluments (basic pay plus DA) for each completed year of service, or the value of the emoluments that would have become payable for the balance months of service left, whichever is less.