State Bank of India planning a VRS scheme
                     STATE BANK OF INDIA 
PLANNING A VRS 
SCHEME
INTRODUCTION
■ State Bank of India clarified that its proposed voluntary retirement 
scheme for over 30,000 employees is not a cost-cutting measure but 
is instead a "congenial solution" for its staff.
Source: India Today
RECRUITMENT
■ Bank has been employee friendly and is expanding its operations and 
requires people, which is evidenced by the fact that Bank has plans of 
recruiting more than 14,000 employees this year.
Source: India Today
DRAFT SCHEME FOR VRS
■ A draft scheme for VRS has been prepared and board approval is 
awaited.
■ The proposed scheme -- 'Second Innings Tap VRS-2020' is aimed at 
optimizing human resources and costs of the bank.
Source: Bankersadda
RESPECTABLE EXIT ROUTE
■ SBI will provide an option and a respectable exit route to employees 
who have reached a level of saturation in their career.
■ One 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 can also avail this.
Source: Raj Express
ABOUT THE SCHEME
■ The scheme will be opened to all permanent officers and staff who 
have put in 25 years of service or completed 55 years of age on the 
cut-off date.
■ The scheme will open on December 1 and will remain open till the end 
of February.
Source: Business Line
APPLICATIONS
■ Applications for VRS will be accepted during the mentioned period 
only. 
■ The total employee strength of country's largest lender stood at 2.49 
lakh at the end of March 2020 as compared to 2.57 lakh a year ago.
Source: Business Line
WORKFORCE
■ SBI has an existing workforce of around 2.50 lacs and has been in the 
forefront of serving employee needs and designing ways and means 
for engaging and assisting employees in their life journey. 
Source: The Hindu
SKILLING THE UNEMPLOYED 
Y■ OSBIU deTepHly working towards skilling the unemployed youth of the 
country, as is evidenced by the fact that SBI is the only Bank in the 
country which has onboarded Apprentices under the National 
Apprenticeship Scheme of Govt of India.
Source: India Today
ELIGIBILITY FOR THE SCHEME
■ As per the proposed eligibility criteria, a total of 11,565 officers and 
18,625 staff members will be eligible for the scheme.
■ The total net savings for the bank would be ₹1,662.86 crore if 30 per 
cent of eligible employees opt for retirement under the scheme.
Source: Business Standard
ACCEPTANCE OF VRS
■ The staff member whose request for retirement under VRS is 
accepted will be paid an ex-gratia amounting 50 per cent of salary for 
the residual period of service (up to the date of superannuation), 
subject to a maximum of 18 months' last drawn salary.
Source: Free Press Journal