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VRS Policy Drafting Lawyer in Delhi
Expert legal assistance for Voluntary Retirement Scheme policy drafting and implementation
VRS Policy Drafting Services
A Voluntary Retirement Scheme (VRS) policy must comply with Industrial Relations Code 2020 and income tax provisions. Our lawyers draft comprehensive VRS policies covering eligibility, ex-gratia calculation, and implementation process.
VRS Policy Contents
🎯 Eligibility Criteria
Minimum 10 years of service or 40 years of age
💰 Ex-gratia Formula
15-45 days salary per completed year of service
📝 Application Process
Prescribed form and submission timeline
⚖️ Acceptance Terms
Irrevocable option and withdrawal policy
📋 Benefits Settlement
PF, gratuity, leave encashment, pension
🛡️ Legal Compliance
Tax exemption under Section 10(10C)
VRS Policy Implementation Process
Board Approval
Resolution for VRS
Policy Drafting
Custom VRS document
Employee Communication
Circular & FAQs
Option Period
Employees apply
Acceptance
Employer approval
Settlement
Full & final payment
Documents Required
Frequently Asked Questions
What is the minimum service for VRS?
Typically 10 years of continuous service or completion of 40 years of age.
Is VRS mandatory for employees?
No, VRS is voluntary. Employee cannot be forced to opt for VRS.
What is the tax treatment of VRS amount?
Exempt up to ₹5 lakhs under Section 10(10C) of Income Tax Act.
How is ex-gratia calculated?
15-45 days salary for each completed year of service.
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