VRS or Voluntary Retirement Scheme is a scheme through which teachers can get their retirement voluntarily before their official tenure. In most cases, teachers take voluntary retirement on occasions such as marriage or pregnancy or change in profession or just because they want to end with their work as a teacher or professor or any other reason. The Voluntary Retirement Scheme offers the employees of offices or teachers their Provident Fund (PF) as well as gratuity.
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The compensation paid to the teachers is tax-free up to a prescribed amount. The teachers or professors can opt for benefits such as counseling, rehabilitation, etc. to facilitate a smooth exchange into retirement. Just like employees in corporate houses, teachers can also take voluntary retirement even though they have not completed 20 years or x years of service. A VRS or Voluntary Retirement Scheme is mostly for Government Sector employees or teachers working in government schools and colleges. There are voluntary retirement schemes also available at the corporate sector level. The basic meaning of voluntary retirement in teaching is that an online teacher who might not have completed their actual number of years of tenure signed at the particular institution can retire giving a notice of not less than three months by writing an application to the head of their school or college. Retirement can be because of various reasons starting from personal, to professional or health issues.
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