SBI VRS Scheme 2020 For 30,000 Employees!

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SBI is planning to introduce a VRS scheme to optimize the human resource and cost of the bank. It is a new scheme for the optimization of the employee numbers. As the total number of employees at the bank in the country is 2.49 lack. This is the estimate of the March. And in that mass around 30,000 employees are eligible for the VRS scheme.

What Is The VRS Scheme Of The SBI?

State Bank of India VRS Scheme 2020
State Bank of India

Second Inning Tap VRS-2020 is the proposed scheme for the SBI employees. The VRS will provide an option for the employee to take a respectable route of exit. It will provide a voluntary retirement to those, who doesn’t want to work at a bank anymore, who want to pursue some other career after some time. It will provide a way for them to pursue other things without any tension.

The Eligibility And Benefits Of The Scheme

SBI VRS Scheme for 30,000 employees
VRS Scheme

The eligibility for the scheme is pretty simple. Any permanent staff who have put 25 years of service and completed 55 years of age on the cut-off date will be eligible for the scheme. The cut-off date will be open from 1 December 2020 to February 2021. And according to the draft, the application will be applicable in this period only. No employee can be able to apply after this time period.

According to SBI, there are so many benefits from the VRS scheme. Yes, employees, who will get retired by the VRS are going to get the 50% of the salary for the rest of the remaining working days. VRS scheme is also going to give pension, medical facilities, and gratuity to the VRS seeking employee. And as an additional benefit, the VRS retired person can rejoin the job in the bank after two years, if he or she wants to.

VRS is going to save a lot of human resources and the cost for the banks. Estimated a total of 18,000 staff will going to get the scheme. And by this bank is overall expected to save Rs 2170.85 crores.



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