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News Flash
Bata mulls VRS as cost cutting exercise
19 Jun '06
1 min read
Aming to lower costs and improve profitability, footwear giant Bata India plans to launch a Voluntary Retirement Scheme (VRS) next month, a company official reported in media.
The Company has estimated expense of Rs1.5 lakh per employee excluding incentives for early respondents.
In its four rounds of VRS, company has laid off 1,000 employees bringing down its total staff strength to 2,600.
Though Bata has reduced its staff, the company still bears very high staff costs.
In quarter ending March 2006, company's expenditure was about Rs44.6 crore against the gross sale of Rs172.40 crore, it was reported.
The Company has estimated expense of Rs1.5 lakh per employee excluding incentives for early respondents.
In its four rounds of VRS, company has laid off 1,000 employees bringing down its total staff strength to 2,600.
Though Bata has reduced its staff, the company still bears very high staff costs.
In quarter ending March 2006, company's expenditure was about Rs44.6 crore against the gross sale of Rs172.40 crore, it was reported.
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