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StanChart India to offer VRS

Standard Chartered Bank-India has come out with a voluntary retirement program for its non-management staff. News reports said the bank’s scheme, called early separation scheme, is targeting those employees who are over 40 years of age and have completed 10 years of service in the bank. Nearly 300 employees could be eligible for the scheme. The bank has sent a communication to its employees that those opt for the scheme would not be losing on their pension benefits but in addition, they will receive a golden handshake, which can go up to a maximum of 100 months’ gross salary and an additional compensation of up to Rs 3.5 lakh. The bank said the scheme is purely voluntary in nature and applications under the scheme can be made between 1 January and 15 February 2018. StanChart has 100 branches in 43 cities in India and has close to 8000 employees. This does not include those under its new Global Business Services (GBS) center in Bengaluru.

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