State Bank of India has planned a voluntary retirement scheme (VRS) under which about 30,190 employees are eligible. As per SBI spokesperson, SBI has an existing workforce of around 2.50 lacs. The bank is expanding its operations and requires people and hence has plans of recruiting more than 14,000 employees this year, said the spokesperson.
A PTI report cited sources telling that a draft for VRS has been prepared and board approval is awaited. The proposed scheme — ‘Second Innings Tap VRS-2020’ — will provide an option and a respectable exit route to employees who have reached a level of saturation in their career, may not be at the peak of their performance, have some personal issues or want to pursue their professional or personal life outside the bank.
As per the agency report, the scheme will be opened to all permanent officers and staff who have put in 25 years of service or completed 55 years of age on the cut-off date. According to the proposed eligibility criteria, a total of 11,565 officers and 18,625 staff members will be eligible for the scheme.
The scheme will open on December 1 and will remain open till the end of February 2021. The applications for VRS will reportedly be accepted during this period only. As per the report, the total net savings for the lender would be Rs 1,662.86 crore if 30 per cent of eligible employees opt for retirement under the scheme…….Read More>>