State Bank of India, country’s largest bank, is expecting to see 50 percent or about 6,000 employees opting for its voluntary retirement scheme (VRS).
A senior executive of SBI said, “The employees opting for VRS is on expected lines. We have estimated about half or 50 percent of the employees taking that option. You can say about 6,000 employees may opt to take it up.”
The VRS has been offered to about 12,000 employees of the associate banks.
“The scheme will be on offer till April 5 and those employees who have opted or applied for the VRS can withdraw it thereafter in a week’s time..so we have to wait and see how many apply,” said Dinesh Khara, Managing Director at SBI.
The eligibility criteria for the proposed VRS is employees who are on the pay rolls of the bank and have put in 20 years at the bank or are above 55 years.
Eligible employees will be paid an ex-gratia sum amounting to 50 percent of the salary for the residual period of service, subject to a maximum of 30 months salary.
