niche
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Many of the larger companies cannot afford to pay high salaries to older employees, so they have a voluntary retirement scheme (VRS) for these employees. These employees are paid a large amount as part of the scheme and asked to resign, so that the company can hire fresh employees at a lower salary. This offer is usually available to employees above the age of 40, and is popular in banks and other larger organizations. Some of the banks are offering a pension to the employees while others have to manage funds properly to get a regular income for their daily expenses, and also investment in property. Are VRS schemes popular in your country, or do most employees leave their job only at retirement?
