The figure comes to about Rs 20 lakhs per employee on average.
VRS 2017, as the scheme is called, will result in savings of Rs 127 cr per year for the company, the steelmaker said.
The VRS scheme was unveiled in May this year with the object of consistent enhancing productivity, improving manpower profile, rationalization of manpower and optimization of manpower cost.
It was open to employees from June 15 to Nov 30.
It is not clear if the company rejected the proposals of any of the employees.
The company has been posting losses in recent quarters due to a dip in steel prices, adverse market conditions and lower sales.
Increase in imported and indigenous coal prices and downturn in the global steel industry made the situation worse.
Steel Authority of India Limited (SAIL) is one of the largest state-owned steel making company based in New Delhi, India and one of the top steel makers in world.
SAIL operates and owns 5 integrated steel plants at Bhilai, Rourkela, Durgapur, Bokaro and Burnpur(Asansol) and 3 special steel plants at Salem, Durgapur and Bhadravathi. It also owns a Ferro Alloy plant at Chandrapur.
The company is currently undergoing a massive expansion and modernisation programme involving upgrading and building new facilities with emphasis on state of the art green technology.