SBI VRS scheme 2020: Check out eligibility, compensation, other details

State Bank of India (SBI) has planned a voluntary retirement scheme (VRS) with an aim to cut costs. Nearly 30,190 employees are eligible under the VRS. The total employee strength of SBI stood at 249,000 at the end of March 2020 as against 257,000 a year ago.

The proposed scheme 'Second Innings Tap VRS-2020' provides an 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. The draft scheme for VRS has been prepared and board approval is awaited, according to PTI sources.

The scheme will remain open from December 1 till the end of February. The VRS will be accepted only during this period.

Eligibility

Total of 11,565 officers and 18,625 staff members will be eligible for the VRS. A staff member retired under the scheme will be eligible for engagement or re-employment in the bank after a cooling-off period of two years from the date of retirement.

Compensation

"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," PTI reported citing sources.

Other benefits

Other benefits such as gratuity, pension, provident and medical benefits will be given to employees opting for VRS.

Also read: SBI announces new voluntary retirement scheme

Also read: SBI launches new feature for ATM users; check out details