Abstract
Voluntary retirement schemes are observed in certain sectors of the Indian Industry such as Banking and Insurance. There is a need to determine the optimal time to withdraw a voluntary retirement scheme (VRS), balancing the reduction of high compensation of a segment of employees, prevent mass voluntary turnover from the grade, achieve optimal productivity and ensure normal business operations. In this paper an approach to derive an optimal policy to withdraw a voluntary retirement scheme considering a probability of acceptance of a retirement request, cost due to announcing a voluntary retirement scheme and cost to the organisation due to one-time special payments to those who retire during the time period is discussed.
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Thilaka, B., & Nrithya Theetharappan , 2020 Optimal time for Withdrawal of Voluntary Retirement Scheme with a Time –Varying Threshold Proc. of the 2nd Int. Conf. on Innovative Mechanisms for Industry Applications (ICIMIA 2020), IEEE Xplore Part Number: CFP20K58-ART; ISBN: 978-1-7281-4167-1 pp598-602