The aim of this study is to find out about the employee's perception about Voluntary Retirement Scheme and their work-life in public sector companies which were established as the backbone for the progress of the country. The two companies taken for the study are Indian Telephone industries and Bharat Heavy Electricals Limited. The two giants on which laid the great responsibility to develop the economy and to develop the demography where they are placed. From broader view one can find many similarities in these two companies. But when we take a narrow view two companies rarely seems different as one is the part of Navratna and another is loss making unit". The two companies also differ in their style of perceiving different objectives.