SBI VRS Scheme 2020: From Eligibility to Salary And Other Benefits, Here's Everything You Need to Know About 'Second Innings Tap VRS-2020'
The country's biggest lender State Bank of India (SBI) is planning to introduce a voluntary retirement scheme (VRS) for employees who seek exit due to select reasons.
New Delhi, September 7: The country's biggest lender State Bank of India (SBI) is planning to introduce a voluntary retirement scheme (VRS) for employees who seek exit due to select reasons. The proposed VRS scheme of the SBI is called Second Innings Tap VRS-2020 under which little over 30,000 employees are eligible. The move is apparently an attempt to reduce SBI's employee strength and cost to the bank. SBI Links YONO Krishi With Govt Portal for Delivery of Horticultural Seeds at Farmers’ Doorsteps.
The SBI could see net savings of around Rs 2,170.85 crore even if 30 percent of the eligible employees opt for the voluntary retirement scheme. According to news agency PTI, the draft of proposed VRS has been prepared and the board's approval is awaited. The proposed VRS will be opened for three months, from December to January, every year. SBI Staffer Shot Dead Outside Bank in Manipur's Churachandpur District, Rs 1.15 Crore Looted.
SBI VRS Scheme 2020 Eligibility:
A total of 11,565 officers and 18,625 staff members of SBI are eligible for the new VRS plan. Under the proposed Second Innings Tap VRS-2020, employees who have reached a level of saturation in their career, may not be at the peak of their performance, have some personal issue or want to pursue their professional or personal life outside the bank will get an option to quit their jobs.
SBI VRS Scheme 2020 Salary And Other Perks:
The SBI employee who gets approval to retire under the proposed Second Innings Tap VRS-2020 will get compensation amounting to 50 percent of salary for the residual period of service (up to the date of superannuation), subject to a maximum of 18 months' last drawn salary. The employee remains eligible for gratuity, pension, provident and medical benefits. After a cooling-off period of two years from the date of retirement, the employee who retired under the VRS will also be eligible for engagement or re-employment in SBI.
(The above story first appeared on LatestLY on Sep 07, 2020 07:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).