Finance Minister Jaswant Singh has finally approved the
much-needed voluntary retirement scheme (VRS) for public
sector general insurance companies.
To start with,
the VRS scheme will be introduced for class-II officers
(development officers), whose role has become redundant
with the entry of other intermediaries in the business.
In the good old
days, development officers had the role of procuring business
for their insurer. The details of the scheme are likely
to be notified in a months time.