SBI will recruit 14 thousand people this year, said VRS is not for cost cutting

2 min read

Powered by iSpeech

State Bank of India (SBI) has said that it is expanding its business for which people will be needed. This year he plans to make 14000 appointments. SBI said that voluntary retirement scheme (VRS) is not meant to cut the cost of the bank.

State Bank of India (SBI) has said that this year it is planning to make 14000 appointments. SBI said that it is expanding its business for which people will be needed. The bank has made it clear that the VRS scheme has not been brought for cost cutting. 

The country's largest bank said that the voluntary retirement scheme (VRS) is not meant to cut the cost of the bank. It is worth noting that earlier there was a news that the bank has prepared a voluntary retirement scheme for its employees, which can cover about 30,190 employees. According to the news agency PTI, the bank's spokesperson said in a statement that the proposed VRS of the bank is not to reduce the cost. 

What the bank said 
in the statement issued by the bank, "The bank has always kept a friendly attitude towards the employees and it is expanding its business which will require people. This proves that the bank is planning to recruit more than 14,000 employees this year.

The statement said that the State Bank currently has about two and a half lakh employees and the bank has always been at the forefront of meeting the needs of its employees and helping them in their lifetime. 

What is VRS 2020  
It is important to note that earlier it was reported that State Bank of India is bringing a new VRS-2020 of its employees, which can cover about 30,190 employees. 

According to the news, SBI's VRS scheme will be open to all such permanent officers and employees, who must have given 25 years of service to the bank by the due date or have completed 55 years of age. This scheme will be open from December 1 to February 2021 this year. That is, applications for VRS will be accepted during this period. 

What will happen to the employees?
The employees whose VRS application will be accepted will get 50 per cent of the salary as ex-gratia for the remaining service period till the actual retirement date. Apart from this, other benefits like gratuity, pension, provident fund and medical benefits will also be available. 

Leave a Reply

Your email address will not be published. Required fields are marked *