State Bank of India (SBI) said on Monday that it will make 14,000 new recruits this year. Earlier, the largest bank of the country had announced to bring voluntary retirement scheme i.e. VRS for more than 30 thousand employees. It was said in media reports that SBI is bringing VRS for these employees for cost cutting. On this, SBI has said that it is expanding its operations and for this the workforce will be needed. This is why the bank is about to make 14 thousand new recruits.
SBI issued a statement saying, ‘Our current workforce is around 2.50 lakh employees. We have always come forward for our employees. We are committed to our employees. We want to be a partner in the skilling process of the youth of the country. We are the only bank in the country that is providing work to the youth of the National Employmenthip Scheme of the Government of India.
Total 2.49 lakh employees employed in SBI
A total of 11,565 officers and 18,625 staff will be able to apply for the SBI VRS scheme. SBI estimates that if 30 percent of the total eligible employees also apply for VRS, it will help them save about Rs 2,170.85 crore. As of March 2020, the State Bank employs a total of 2.49 lakh employees. A year ago this number was 2.57 lakh employees.
When did SBI bring VRS scheme before this?
Prior to the merger of 5 associate banks in the year 2017, these banks announced VRS for their employees. In 2001, SBI announced VRS. PTI has informed the sources in its report that the draft has been prepared for VRS. It is yet to be approved by the board.
What will be the qualification?
Those who have completed 25 years of service or who are over 55 years of age till the cut-off date announced under this scheme, can take retirement under this scheme. SBI will open this scheme on December 1, 2020 and it will remain open till the end of February. VRS applications will be approved during this period.
What facilities will be available to employees taking VRS?
The bank said, ‘Staff members who apply for VRS will be given 50 percent of the salary for the remaining period of service. This will be till the date of pension. Also, it will be for 18 months of the last salary. Apart from this, gratuity, pension, provident fund and medical facilities will be given to employees taking VRS. Staff retiring under the VRS scheme of SBI will be eligible to apply for a job in the bank again after a cooling period of 2 years.
Ms Kalinga