SBI Announces New VRS Plan

The State Bank of India has announced a new VRS scheme for its employees. Read all details about the eligibility and benefits of new SBI VRS Plan 2020.

SBI VRS Plan 2020- One of the leading in India is Sate Bank Of India and it is known for its reformative policies and reforms. One such scheme that aims to save money is the The new SBI VRS Plan 2020 is called ‘Second Innings Tap-Voluntary Retirement Scheme-2020 (SITVRS-2020). Currently there are a total of 11,565 officers and 18,625 staff of SBI qualify for the new VRS scheme and all those employees who decide to opt for the plan will be paid 50 per cent of their salary for the residual period of service this will help the bank to save around Rs 2,170.85 crore if 30 per cent of the eligible employees decide to go for the new scheme. This is one of the greatest move by the SBI which aims to benefits its employees as well as the bank.

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SBI VRS Plan 2020

The current COVID-19 pandemic has caused huge job losses in the private sector, which has led the youth to go for a stable, secure, and growth promising career option; and bank jobs provide just what every young aspirant is looking for. With this news of SBI launching the new VRS scheme, working in the State Bank of India seems even more promising and a lucrative option for any banking aspirant.

SBI VRS Plan Eligibility and Benifits

The following are the hightlights of the Second Innings Tap-Voluntary Retirement Scheme-2020 (SITVRS-2020) which is the new SBI VRS Plan:

  • The voluntary retirement scheme will be open from 1st December to January every year.
  • Employees who opt for this plan will get 50% of their salary for the residual period of service.
  • This VRS option will be open to all permanent SBI Officers and award staff who have put in 25 years of service & are 55 years of age on the date of application.
  • SBI Officers who missed 3 or more promotion opportunity in their current scale will also be eligible for this VRS Plan.
  • Many officers who have mobility restriction for self or as care taker can also opt for this plan.
  • This will be specially helpfull for employees during this pandemic situation.
  • It also provides a respectable exit route to SBI employees who feel they have reached a saturation level in their career.
  • SBI employees who take this VRS plan will be eligible for engagement / re-employement in the bank post the 2 years cooling period from their date of retirement.
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