voluntary retirement plan,State Bank of India (SBI) is considering for their employee

 State Bank of India (SBI) is considering launching a voluntary retirement plan for its employees.

State Bank of India launching VRS plan for their employee

My India Special report-   State Bank of India (SBI) is considering launching a voluntary retirement plan for its employees. According to PTI, the country's largest bank has chosen such a plan to make human resources the most efficient as well as save the bank's costs.

 SBI Voluntary Retirement Rules

  At least 30,190 workers will have the opportunity to retire voluntarily, the report said.

 According to PTI, employees who have been posting in a certain place for many days and are not at the top of their competencies will be given the opportunity to retire voluntarily with dignity under the proposed ‘Second Innings Tap VRS-2020’ scheme.  At the same time, there will be an opportunity to spend a personal-professional life for personal reasons or outside the bank.

 According to the VRS draft rules, permanent officers and employees who have completed 25 years of service or are over 55 years of age will be eligible for the project.  Applications for voluntary retirement will be accepted from 1 December to the end of February.

 What are the benefits of voluntary retirement(SBI)

 According to the bank, the employees who will be granted voluntary retirement application will be paid 50 per cent for the rest of their working life.  The maximum salary will be 18 months.  This means that if the officer or employee decides to retire voluntarily 36 months or a year and a half before the prescribed age, he / she will get full 50 percent salary.  If someone retires at the age of 56 or 57, he or she will still be subject to a maximum salary of 18 months.

 In addition, the staff concerned will get all the benefits including graduation, pension, provident fund, health related issues.  Those who will retire voluntarily under the new scheme will have the opportunity to rejoin the bank after the cooling-off period (two years).  It will be for a period of two years from the day you retire.

 Till last financial year, the total number of SBI employees was 2.49 lakh.  Initially, the number of voluntary retirees could be 11,565 officers and 18,625.  If 30 per cent of the officers and staff retire, the bank will save money.  2,170.85 crore