State Bank of India planning VRS scheme for over 30,000 employees

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The State Bank of India (SBI) is planning a voluntary retirement scheme (VRS) for which over 30,000 employees will be eligible.

According to a report in news agency PTI, the state-lender is planning the VRS scheme to optimise its costs. Out of the 2.49 lakh employees of the bank, at least 30,190 employees are eligible for the VRS scheme, which still awaits the board's approval.

The proposed scheme — ‘Second Innings Tap VRS-2020’ — is aimed at optimising human resources and costs of the bank. If 30 per cent of eligible employees opt for retirement under the scheme, the bank will save Rs 1,662.86 crore, as per estimates based on July 2020 salary.

The news agency PTI said that the draft VRS scheme will provide an option and a 'respectable exit route' to 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'.

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