SBI planning on VRS for about 30k employees - TNBC USA

The Nation’s Largest public sector Bank has planned a Voluntary retirement scheme under which about 30,000 employees are under the radar.

To optimize the costs a draft has been prepared and now its been awaited for the Board’s approval. According to the scheme, this is eligible for all permanent banking staff who has already served for 25 years or completed 55 years of age on the cut-off date.

The total employee strength of the State Bank of India is 2.49 Lakhs in March 2020. The VRS scheme will be opened from 1st December till the end of February 2021. As per the sources under this scheme, a total of 11,565 officials and 18,625 staff members are eligible.

The staff who will accept the requirement under the scheme will be paid an ex gratia amounting to 50% of his/her salary for the residual period of service (up to the date of superannuation), subject to a maximum of 18 months’ last drawn salary. Apart from that other added benefits like the gratuity, pension, provident fund, and medical will also be provided to the individual.

This is not the first time the Bank previously had announced for VRS scheme in 2001 for the optimization of Human resources. But it did not stand any ground in front of the Bank unions.

According to the Bank Workers Vice President Ashwani Rana, this move only reveals the anti-worker attitude of the management during the time of the global pandemic crisis.

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