SBI's new scheme will be beneficial for its former employees

Sep 08 2020 09:02 AM
SBI's new scheme will be beneficial for its former employees

There have been a lot of changes in the economy of the country post-pandemic era. State Bank of India on Monday explained that its recommended voluntary retirement scheme for over 30,000 employees is not a cost-cutting measure but is rather a "congenial solution" for its workers.

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"There have been media reports about the “On Tap VRS" scheme proposed to be introduced by SBI. The reports have been interpreted as a cost-cutting measure and Bank’s intent to reduce the workforce. Bank has been employee-friendly and is developing its plans and needs people, which is evidenced by the fact that Bank has plans of recruiting more than 14,000 employees this year," the state-owned banker said in an official statement. As per the references, a draft scheme for VRS has been prepared and board permission is awaited. The proposed scheme -- 'Second Innings Tap VRS-2020' -- is sighted at optimizing human resources and costs of the bank.

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The scheme will be opened to all permanent officers and staff who have put in 25 years of service or completed 55 years of age on the cut-off date. The scheme will open on December 1 and will remain open till the end of February, it said, adding that applications for VRS will be accepted during this period only. The total employee strength of the country's largest banker stood at 2.49 lakh at the end of March 2020 as compared to 2.57 lakh a year ago.

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