State Bank of India is proposing to introduce a voluntary retirement scheme (VRS) and according to preliminary estimates, some 30,000 employees are eligible for the scheme. The bank wants to optimize human resources and cut down costs through this pruning. The scheme, called ‘Second Innings Tap VRS-2020′, will provide an option and a respectable exit route to employees who have reached a level of saturation in their career, may not be at the peak of their performance, have some personal issues or want to pursue their professional or personal life outside the bank. All permanent officers and staff who have put 25 years of service or completed 55 years of age on the cut-off date will eligible for the scheme. It will be open on 1 December and will remain open till the end of February 2020. The bank said the staff member whose request for retirement under VRS is accepted will be paid ex-gratia amounting 50% of salary for the residual period of service (up to the date of superannuation), subject to a maximum of 18 months’ last drawn salary. Other benefits like gratuity, pension, provident and medical benefits will also be given to these employees.
