Mumbai Port has framed a Voluntary Retirement Scheme which is yet to be approved by the Government. Through the scheme the Port will like to have a golden handshake with those who extend their hands. For those who opt for this scheme, there will be compensation in the form of one-and-half month’s salary or full salary for the remaining period, whichever is lower. If the VRS is approved and implemented, and if about 3000 labourers are presusmed to choose the scheme, it might cost the port about INR 400 crore but it will also cut the wage bill by INR 150 crore annually. It is said that even after the scheme being implemented, the port will still have some surplus employees. Two of the Board of Trustees representing the labour unions were not in favour of the scheme on the ground that the terms of compensation were not attractive.
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