SBI plans VRS scheme for employees

SBI plans VRS scheme for employees

State Bank of India (SBI) is planning to offer voluntary retirement scheme (VRS) for its employees to optimise human resources and costs of the bank.


At least 30,190 employees will be reportedly eligible for VRS.


'Second Innings Tap VRS-2020', the proposed scheme "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 issue or want to pursue their professional or personal life outside the bank," the draft scheme said.


All permanent officers and staff who have put 25 years of service or completed 55 years of age on the cut-off date will eligible for the scheme. It will be open on 1 December and will remain open till the end of February. The applications for VRS will be accepted during this period only, the draft stated.


As per the bank, the staff member whose request for retirement under VRS is accepted will be paid an ex-gratia amounting 50% of salary for the residual period of service (up to the date of superannuation), subject to a maximum of 18 months' last drawn salary.


Other benefits such as gratuity, pension, provident and medical benefits will be given to employees seeking VRS.


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