Tuesday, June 18, 2024

Hero MotoCorp launches voluntary retirement scheme for its staff

India’s largest two-wheeler maker Hero MotoCorp on Wednesday announced that it launched a voluntary retirement scheme (VRS) for its staff while retaining ’employee welfare at its core.’

The company said that the voluntary retirement scheme (VRS) has been designed in line with the vision to make the organization agile and ‘future-ready’, consolidating roles and reducing layers to increase empowerment and agility.

“We expect this to improve efficiency within the Company through a lean and more productive organization,” said Hero MotoCorp in its filing.

The VRS is applicable to all staff members, and it offers a generous package that includes a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance, career support, among other benefits.

The company noted that the general consumer sentiment is improving, as reflected in the sales performance in the month of March.

“The constructive policies of the government and the social sector reforms have given a further boost to the demand scenario and the two-wheeler industry expects these factors to contribute towards a double-digit growth in this financial year,” the filing added.

The announcement by Hero MotoCorp comes at a time when the company has seen a change in management. The company has appointed Niranjan Gupta as the new chief executive officer (CEO) of the company, effective from 1 May, 2023.

Dr. Pawan Munjal will continue as Executive Chairman and Whole-time Director on the board, the two-wheeler maker said. Hero MotoCorp said that it will announce a new CFO in due course of time.

According to a regulatory filing made by Hero MotoCorp on Saturday, the company’s total sales figures for March 2023 increased by 15% to 5,19,342 units in comparison to 4,50,154 units sold during the same period in the previous year.

the company reported that domestic sales for March 2023 stood at 5,02,730 units, reflecting a rise from the 4,15,764 units sold in March 2022.

On Wednesday, the company’s scrip ended 0.027% down at 2,431.90 on BSE.

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