The State Bank of India has planned to introduce a voluntary retirement scheme (VRS) for its employees who have expressed making a strategic shift in their vocation due to professional growth limitations, mobility issues, physical health conditions or family situations.
Named as the “Second Inning Tap VRS-2020”, a total of 11,565 officers and 18,625 staff will be able to avail the SBI VRS scheme. Even if 30% of the eligible employees decide to go for the new scheme, the bank will save around Rs 2,170.85 crore.
"While our commitment towards our valued employees remains unshakable, we are deeply desirous of skilling the unemployed youth of the country, as is evidenced by the fact that we are the only Bank in the country which has onboarded Apprentices under the National Apprenticeship Scheme of Govt of India," the bank said in a statement.
Eligibility of SBI VRS 2020 Scheme
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.
Period of SBI VRS 2020 Scheme
The SBI VRS 2020 scheme will be open on 1 December and will remain open till the end of February 2021. The applications for VRS will be accepted during this period only.
Salary of SBI VRS 2020 Scheme
Employees who request retirement under the SBI VRS 2020 scheme will be paid an ex-gratia amounting 50 percent of salary for the residual period of service (up to the date of superannuation), subject to a maximum of 18 months' last drawn salary.
Benefits of SBI VRS 2020 Scheme
Benefits like gratuity, pension, provident and medical benefits will be given to employees seeking retirement under SBI VRS 2020 scheme.
Two-Year Cooling Period
A staff member retired under the SBI VRS 2020 scheme will be eligible for engagement or re-employment in the bank after a cooling-off period of two years from the date of retirement.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)