Tata group firm TitanBSE -3.86 % Company has announced a voluntary retirement scheme (VRS) for employees to reduce headcount in order to improve productivity.

The company, on April 28, 2016, announced a voluntary retirement scheme for employees who have either completed 10 years of service or are above 40 years of age.

This has been done with the objective of reducing headcount in order to improve productivity in the company,” Titan Company said in a BSE filing today.

The company added that it will update the impact of this on the financials on conclusion of the scheme.

Titan was trading down 1.94 per cent from its previous close at Rs 362.10 on BSE.