New Delhi: 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.