Abstract
The present phenomenon of rapid economic growth of our country is largely an outcome of economic policy reforms initiated almost a decade and a half ago. These reforms related to macroeconomic stabilization and structural adjustments. Inter alia, they aimed at improving the functional efficiency of the labour market. Massive pruning of redundant workforce in manufacturing and service industries, especially in the public sector, was clearly necessary. This paper attempts to identify some phases in a worker's life in the period immediately preceding and following retirement with special reference to VRS. The management can devise a few strategies befitting these phases to make the scheme readily acceptable to the employees.
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