The State Bank of India (SBI) has planned to introduce a voluntary retirement plan (VRS) for its employees. Named ‘Second Innings Tap VRS-2020’, the proposed scheme “will provide a pleasant solution to employees who expressed their desire to make a strategic shift in their vocations, whether due to career growth limitations, mobility issues, employment conditions, physical health or family situations, “said an SBI spokesman.
More than 30,000 employees will be able to obtain the benefits of the proposed VRS scheme. The SBI VRS 2020 scheme “will provide an option and a respectable exit route to employees who have reached a saturation level in their career, who are not at the top of their performance, who have a personal problem or want to continue their professional career or personal. life outside the bank, “the bank said, according to reports.
Eligibility: All permanent officers and staff who have completed 25 years of service or turned 55 by the deadline will be eligible for the scheme, according to the draft.
Period: The SBI VRS 2020 scheme will be open on December 1 and will remain open until the end of February 2021. VRS applications will be accepted only during this period, the draft mentions.
Salary: “The official whose application for retirement under VRS is accepted will receive an ex gratia payment equal to 50% of salary for the residual period of service (until the date of retirement), subject to a maximum of 18 months of the last salary earned”, said the bank.
Other benefits: Other benefits such as tip, pension, pension and medical benefits will be awarded to employees seeking VRS.
Two year cooling period: A staff member retired under the scheme will be eligible for hiring or re-employment at the bank after a two-year reflection period from the date of retirement, the bank added in the draft.
The total employee endowment of the country’s largest lender was 2.49 lakh at the end of March 2020. A total of 11,565 officers and 18,625 employees will be able to make use of the SBI VRS scheme. Even if 30% of eligible employees decide to opt for the new scheme, the bank will save around ₹2,170.85 million rupees.
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