Set a minimum age limit (e.g., 50 years) and minimum service requirement (e.g., 15 years) for employees to be eligible for VRS.
Clearly define which categories of employees are eligible for VRS (e.g., all groups, specific departments).
Offer a lump sum severance pay based on a formula considering factors like last drawn salary, years of service.
Allow employees to encash a portion of their accrued pension corpus for a higher monthly payout.
Provide continuation of medical benefits for the employee and their dependents after retirement.
Offer outplacement services like career counseling and skill development workshops to ease transition.
Conduct a thorough financial impact assessment to ensure the scheme is sustainable for the state government.
Clearly explain the tax implications associated with receiving benefits under the VRS scheme.