55,000 Employees of State Bank of India’s associate banks will be soon be offered a Voluntary Retirement Scheme (VRS). This was decided at the bank’s board meeting last week.
“The scheme offers retirement option to those who complete 20 years of service or have attained 55 years of age. They will be paid salary for the period of remaining service with a cap of 30 months,” according to sources.
The idea behind the scheme is to trim the workforce of the associate banks before their merger with SBI.
According to a senior functionary of SBH officer’s association, the offer is not “attractive” as it offers only two-and-a- half years’ salary for those with five years’ service remaining. “A few people might respond positively, but I don’t expect huge movement,” he said.