Bengaluru: Titan Co. Ltd on Friday told BSE that it is rolling out a voluntary retirement scheme (VRS) to its employees in a bid to reduce head count.
The watch and jewellery maker, which has a workforce of about 7,558 employees as on the end of 2014-15, said the scheme can be availed by those who have either completed 10 years of service or are above 40 years of age.
The company believes this move will also improve productivity in the company.
Titan has been trying to make its brand appeal to the young by expanding its portfolio to position itself as a lifestyle retailer, moving beyond watches and jewellery. In January, it also partnered with Hewlett-Packard Co. to offer a range of smart watches that will be launched soon.
Titan said it will update the financial impact of this scheme upon its conclusion.
Shares of the company fell 3.75% to ₹ 355.40 apiece, while the benchmark Sensex was nearly unchanged at 25,606.62 points.