Goldenhandshake

1. GOLDEN HANDSHAKE A PRESENTATION BY:- GUL SANAWWAR

2. Defination THE GOLDEN HANDSHAKE, IN INDIA, IS KNOWN AS VOLUNTARY RETIREMENT SCHEME AND A PART OF EXIT POLICY IT IS NOW A COMMONLY METHOD USED TO DISPENSE OFF THE EXCESS MANPOWER AND THUS IMPROVE THE PERFORMANCE OF THE ORGANIZATION.

3. REASONS FOR PROPOSING GOLDEN HANDSHAKE RECESSION IN BUSSINESS(WHEN A COMPANY NOT ABLE TO SUSTAIN THE PROFIT) DOWNSIZING REALIGNMENT OF BUSSINESS –DUE TO MARKET CONDITION PRODUCT TECHNOLOGY OBSOLECENE

4. PROCEDURE THE EMPLOYER HAS TO ISSUE A CIRCULAR COMMUNICATING HIS DECISION TO OFFER VOLUNTARY RETIREMENT SCHEME MENTIONING THERIN. 1:- THE REASONS FOR DOWNSIZING 2:- ELIGIBLITY i.e. WHO ARE ELIGIBLE TO APPLY FOR GOLDEN HANDSHAKE 3:- THE AGE LIMIT AND THE MINIMUM SERVICE PERIOD OF EMPLOYEES WHO CAN APPLY(EMPLOYEES WHO IS 40 AND ABOVE THOSE WHO HAVE COMPLETED MINIMUM 10 YRS OF SERVICE IN THE ESTABLISHMENT.)

5. 5:- THE RIGHT OF AN EMPLOYER TO ACCEPT OR REJECT ANY APPLICATION FOR GOLDEN HANDSHAKE 6:- THE DATE UP TO WHICH THE SCHEME IS OPEN AND APPLICATIONS ARE RECEIVED FOR CONSIDERATION BY THE EMPLOYER.

6. IT SHOULD BE NOTED THAT EMPLOYEES WHO OFFER TO RETIRE VOLUNTARILY ARE ENTITLED AS PER LAW AND RULES THE BENEFITS OF PROVIDENT FUND,GRATUITY AND SALARY . THE CIRCULAR MAY INDICATE INCOME TAX INCIDENCE ON ANY VOLUNTARY RETIREMENT BENEFITS WHICH ARE IN EXCESS OF RS. 5 LAKHS, WHICH IS MAXIMUM TAX FREE BENEFIT UNDER SUCH SCHEMES. BENEFITS

7. MERITS NO LEGAL CONSTRAINT ATTRACTIVE COMPENSATIONS REDUCES CONFLICTS AND FLEXIBILITY OF SCHEME COST REDUCTION

8. DEMERITS FEAR AND UNCERTAINITY FOR EXISTING EMPLOYEES COFUSION IN WORKING OPERATION PROTESTED BY TRADE UNIONS LOSS OF GOOD EMPLOYEES

9. EXAMPLES SUICIDE CASES OF VOLUNTARILY RETIRED PERSONS DISPARATE JOBS THERE AFTER FAILURE OF BUSINESS OPENED THERE AFTER

10. Thank You