SBI gets dull response for its VRS offer

India Infoline News Service | Mumbai | April 16, 2017 08:16 IST

State Bank of India’s (SBI) Voluntary Retirement Scheme (VRS) has had a relatively poor response which was offered for the employees of associate banks, now formally merged with the parent.

State Bank of India’s (SBI) Voluntary Retirement Scheme (VRS) has had a relatively poor response which was offered for the employees of associate banks, now formally merged with the parent.
 
Among many of the 12,500 who were eligible for putting in their papers, were mainly held back by a not-so-good package and a weak job market, while only 3,500 have opted for the scheme.
 
The bank received below 50% response, according to a top SBI official, who also added that the employees which stayed back will be no problem for them. The official said that they will consider the skill and experience profile for deciding positions of the employees.
 
The bank for the VRS scheme had set some criteria such as, those who went for it should have over 20 years of service and attained at least 55 years of age.
 
While the employees who have chosen to go for the offer will get an amount equal to 50% of the residual period of services, capped at 30 months’ salary.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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