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Balco kicks off VRS; unions appeal for rejection

Aluminium major Balco on Tuesday launched its voluntary retirement scheme even as the labour unions termed it as an 'eye wash' and appealed to workers to reject the offer.

The scheme will remain in force for 15 days starting on July 31, 2001 according to a circular issued by the management in Korba, company sources said.

The scheme has been thrown upon to all the 6,300-odd employees of Balco. However, no details were available about the structure of payments under the scheme.

Balco managing director S C Krishnan, a nominee of Sterlite Industries, had earlier said the workers opting for the scheme would receive a 60 days salary for every year of service rendered or the salary for the remaining years of service left.

The move to open a VRS follows an agreement between management and workers which brought to an end a 67-day long agitation against the government's decision to privatise the company.

All employees who had earlier applied for VRS have been exempted from applying for the VRS as their applications are under consideration.

Meanwhile, Balco Employees Union general secretary P N Sharma termed it an eyewash and said the scheme was opened only to prevent a breach of agreement with the unions.

Alleging gross discrimination on the part of the management Sharma said: "VRS is simply not acceptable to us as it seeks to discriminate between the government directors who have been compensated for the balance period of their service and the other employees".

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