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India expands VRS payouts for long-serving workers, with benefits based on years of service and additional protections for families.
The Indian Central Government has updated its Voluntary Retirement Scheme (VRS), allowing employees with 20 years or more of service to receive an assured payout on a pro-rata basis, with full benefits available after 25 years.
The payout is calculated based on years served and starts from the retirement date.
Additional benefits include gratuity, leave encashment, and group insurance.
In case of death before payouts begin, the spouse receives a family payout.
The changes apply to Unified Pension Scheme subscribers and are seen as a boost for long-serving government employees.
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India expande los pagos de VRS para los trabajadores de larga trayectoria, con beneficios basados en años de servicio y protecciones adicionales para las familias.