Teachers can retire voluntarily before the end of their formal term under the VRS, or Voluntary Retirement Scheme. Most of the time, teachers choose to retire voluntarily due to life events like marriage, pregnancy, changing careers, or simply because they wish to stop working as educators. The Voluntary Retirement Scheme provides gratuity and Provident Fund (PF) to office or teacher personnel. Up to a predetermined sum, the teachers’ remuneration is tax-free. Teachers and professors have the option of choosing services like counselling or rehabilitation to ensure a seamless transition into retirement. Teachers have the same option for voluntary retirement as employees in corporations, regardless of whether they have 20 years of service.
Most government employees or teachers employed by government-run high schools and colleges are eligible for a VRS, or voluntary retirement scheme. At the corporate governance level, there are also voluntary retirement programmes accessible. The basic definition of voluntary retirement in the context of teaching is that a teacher who may not have reached the full number of years indicated on their contract of employment with a particular institution may choose to retire with a notice period of at least three months by submitting a written request to the head of their school or university. Retirement may be necessary for a number of reasons, including personal, professional, or health concerns.