State Bank of India (SBI) has prepared a Voluntary Retirement Scheme (VRS) covering more than 30000 employees on one hand, on the other hand, it is going to appoint more than 14000 people this year. Yes, these two things are opposite of each other but are true. Actually, the reason behind introducing the VRS scheme is not to reduce the cost burden but to give benefit to the existing SBI employees who have expressed a desire for a strategic shift in their career. That is, in easy words, who do not want to serve in the bank further. SBI has made this point clear through a statement.
In the statement, the SBI spokesperson said that the reports in the media about the proposed “On Tap VRS” (‘Second Innings Tap VRS-2020’) scheme to be implemented by the bank, including reducing the workforce and cost burden of the scheme. Steps to reduce were told. SBI has an existing workforce of 2.50 lakhs and the bank is ahead in preparing the means to meet the needs of its employees and help them in the journey of life. In such a situation, it is thought that employees who want a strategic shift in their career due to professional growth limitations, mobility issues, physical health conditions or family circumstances, should be provided a favourable solution. Therefore, a voluntary retirement scheme was formulated.
Employee friendly bank
The spokesperson said that SBI is employee-friendly and is expanding its operations, for which it needs people. This is confirmed by the fact that SBI has planned to appoint more than 14000 people this year. The statement said that the bank has a strong desire to make the unemployed youth of the country skilled. SBI is the only bank in the country, which has placed the training facilities under the National Apprenticeship Scheme of the Government of India.
What is SBI’s VRS?
Around 30190 employees are eligible for SBI’s Voluntary Retirement Scheme (VRS). SBI’s VRS scheme will be open to all permanent officers and staff who have served the bank for 25 years by the due date or have completed 55 years of age. The scheme will be open from December 1 to February end. Applications for VRS will be accepted during this period. According to the proposed eligibility criterion, a total of 11565 officers and 18625 staff members will be eligible for the VRS scheme.
Staff members who will be considered for retirement under VRS will get 50 per cent of salary as ex-gratia for the remaining service period till the actual retirement date. Other benefits like gratuity, pension, provident fund and medical benefits will also be available to the employees taking VRS. Staff members retiring under the scheme will be eligible to rejoin the bank after a fixed period of 2 years from the date of retirement.
Source: www.financialexpress.com
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