The benefit of this scheme can be taken by the employees who have completed 55 years of age or 25 years in their jobs. However, employees who take VRS from the bank, they can rejoin the bank after 2 years in some form.
The country’s largest bank State Bank of India (SBI) is going to bring a new scheme of voluntary retirement i.e. voluntary retirement for its employees. Under this scheme, 30,190 employees and officers of State Bank of India will be able to take the option of VRS. The scheme has been named ‘Second Innings Tap-Voluntary Retirement Scheme-2020 (SITVRS-2020).
Under the scheme, the focus will be on such employees, who have not received 3 or more promotions in a row. This scheme will be applicable from December 1 and will be open till the end of February. Meanwhile, employees who want to apply for VRS will be able to do it. At present, the VRS scheme has been prepared and will be presented to the board soon for approval of the board.
Who will benefit
According to sources, this scheme can be availed by the employees who have completed 55 years of age or 25 years in their jobs. Apart from this, employees who have health problems or who have problems moving from one place to another can also take advantage of this scheme. However, employees who take VRS from the bank, they can rejoin the bank after 2 years in some form.
What will be the benefit
Employees who take advantage of this scheme will get 50% salary for the remaining tenure. However, this salary cannot be more than the existing salary of 18 months. That is, employees will get a maximum salary of 18 months. According to the rules, gratuity and PF money will also be given to the employees. Apart from this, pension and leave encashment will also be given to the employees. According to bank rules, employees will also get the benefit of housing loan, car loan, education loan at a compulsory rate.
According to an estimate by the State Bank of India, 11,565 officers and 18,625 employees are eligible to participate under this new VRS scheme. If all the employees apply under this scheme, then the bank will save more than Rs 2000 crore.