State Bank of India: Plan to reduce the number of employees with VRS!
Posted on: 07/Sep/2020 1:47:54 PM
India’s largest public sector bank, State Bank of India, has planned to reduce the number of employees by an offer of VRS (Voluntary Retirement Scheme).
This measure is being contemplated by the bank as one of the avenues to reduce the expenditures.
In this regard to VRS, it has been announced that 30190 SBI employees are eligible for opting for the VRS.
As per March 2020, SBI has 2.49 Lakhs employees. As compared to this, in March 2019, SBI has 2.57 Lakhs employees.
The Draft Plan for the VRS is ready. Once the approval is obtained from the Bank Administration Board, this plan will be implemented.
The Main Objectives of this latest SBI Pan is to make optimum usage/extract of work from the present employees and also to reduce the extent of expenditure.
Employees who have either completed 25 years of service or attained 55 years of age are eligible to opt for the above VRS (Voluntary Retirement Scheme).
The VRS option will be on offer to the employees from 1st December till end February. The applications received only during this period will be considered for approval.
It is informed that even 30% of the above-mentioned 30190 employees eligible for this VRS option, the bank (SBI) will save expenditure to the extent of Rs. 1662.86 Crores!
