Hero Moro Corp offered VRS to employees to reduce cost
Hero Moro Corp offered VRS to employees to reduce cost
The Hero Moto Corp VRS scheme aims to increase efficiency within the company by consolidating roles, reducing layers, and enhancing empowerment and agility.
Hero Moro Corp offered VRS to employees to reduce cost
Hero MotoCorp, a Gurugram based, two-wheeler manufacturer, Indian MNC, announced the implementation of a voluntary retirement scheme (VRS) for its employees on April 5, 2023. The VRS was created to align with the company’s vision of making the organisation more agile and future-ready.
The scheme aims to increase efficiency within the company by consolidating roles, reducing layers, and enhancing empowerment and agility. The VRS announcement follows the appointment of Niranjan Gupta as the company’s new CEO. He previously worked for the company as CFO and Head of Strategy and M&A.
All Hero Moto Corp employees are eligible for the VRS, which includes a generous benefits package that includes a lump sum, variable pay, gifts, medical coverage, retention of the company car, relocation assistance, career support, and other perks.
As of March 31, 2022, the company had 9,173 permanent employees, including workers defined under the Factories Act of 1948, and six facilities in India, one in Bangladesh, and one in Colombia.
According to the annual report, the company’s employee costs have increased nominally by 1.9 percent due to an increase in counts and the impact of annual increments. Hero MotoCorp spent Rs 1,935 crore on employee benefits in fiscal year 2022, up from Rs 1,899 crore in FY21, while its total expense was reported to be Rs 26,552 crore.
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