NEW DELHI: The Tata group firm Titan on Friday announced a voluntary retirement scheme (VRS) for its employees to reduce headcount and increase productivity. The watch and jewellery maker, which has a workforce of about 7,558 employees as at 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. “We will update the financial impact of this scheme upon its conclusion,” the company informed the Bombay Stock Exchange. Titan, which also sells jewellery under the Tanishq brand, said its sales have been hit due to strike by jewellers in protest against the imposition of one per cent excise duty by the government. “Although, Tanishq was not participating in the strike but many of stores had to be shut down on many occasions across the country due to agitations by striking jewellery associations,” the company said.