SBI launches VRS scheme for its bank employees.

India’s largest bank, State Bank of India (SBI) has launched a voluntary retirement scheme (VRS) under which about 30,100 employees are eligible. According to sources, a draft scheme for VRS has been prepared and board approval is awaited. The proposed scheme is aimed at optimising human resources and costs of the bank. The scheme will open on 1st December and will remain open till the end of February 2021.

Eligibility and benifits:

It will provide a respectable exit route to who have reached a level of saturation in their career or want to leave because of their personal issues.

It will be open to all permanent staaf who have put in 25 years of service or completed 55 years of age on the cut-off date.

As per the proposed eligibility criteria, a total of 11,565 officers and 18,625 staff members will be eligible for the scheme.

Except these, other benefits like gratuity, pension, provident and medical benefits will be given to employees seeking VRS.

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