For the first time in its 136-year history, media company Kasturi & Sons Ltd, publishers of The Hindu daily, on Monday announced a voluntary retirement scheme (VRS) for its employees.
In a statement issued in Chennai, the company said: "The scheme is part of an ongoing organisation-wide restructuring and efficiency enhancement programme focused on turning around the performance of the company."
The company said the VRS has been designed consistent with its long tradition of employee centricity.
The scheme will be open to all employees above 40 years of age and with over 10 years of service.
"Employees opting to apply to the scheme will receive a generous compensation package - possibly the most generous of recently announced schemes in industry - in addition to normal retirement benefits such as provident fund, gratuity, superannuation, encashment of unavailed leave, unclaimed leave travel allowance and any eligible performance-linked incentives," the company said.