State Bank of India (SBI) said it is planning to recruit 14,000 this year. SBI said it is expanding its business, which will need new people. The bank clarified that the VRS scheme was not brought for cost-cutting.
New Delhi: State Bank of India (SBI) has said it is planning to recruit 14,000 people this year. SBI said it is expanding its business, which will need new people. The bank clarified that the VRS scheme was not brought for cost-cutting.
The country’s largest bank said the Voluntary Retirement Scheme (VRS) was not meant to reduce the bank’s costs. Earlier, it was reported that the bank had prepared a voluntary retirement plan for its employees, which could cover about 30,190 employees. According to news agency PTI, a spokesperson for the bank said in a statement that the bank’s proposed VRS is not meant to reduce costs.
What the bank said?
A statement issued by the bank said, “The bank has a friendly relationship with its employees and is expanding its business to meet the needs of the people.” This proves that the bank is planning to hire more than 14,000 employees this year.
The State Bank currently has around two and a half lakh employees and the bank is always ready to meet the needs of its employees and help them in their lifetime, the statement said.
What is VRS 2020?
Earlier, it was reported that the State Bank of India was bringing a new VRS-2020 for its employees, which could accommodate about 30,190 employees.
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According to reports, SBI’s VRS scheme will be open to all permanent officers and employees who have served the bank for 25 years or have reached the age of 55 by the due date. The scheme will be open until the end of December 2020 or January 2021. I.e. application for VRS will be accepted during this period.
What will benefit employees
Employees whose VRS application will be accepted will receive 50 percent of the salary in the form of ex gratia for the remaining service period till the actual retirement date. Apart from this, you will also get fun benefits like gratuity, pension, provident fund, and medical benefits.