SBI VRS 2020: Who Are Eligible For SBI New VRS plan And What Are Its Benefits

SBI VRS 2020: With around 2.5 lakh employee working with State Bank of India, it becomes the country largest lender as reported in March 2020. Noe the SBI has come up with a new plan called “Voluntary Retirement Scheme” which has been introduced with the motive of balancing manpower in terms of age, skills, and mobility. This scheme shall be open for the period of three months, for the employees to choose volunteer exit from the services. A total of 11,565 officers and 18,625 staff of SBI are eligible for the new SBI VRS plan. As per the reports; if 30% of these employees, choose the new scheme and make their exit, than the bank can expect a net saving of Rs. 2170.85 crore. Read more who are eligibile for this plan and what benefits will it give. 

Also read; SBI Announces New VRS Plan

What is SBI VRS 2020 Plan?

Under this plan, the employees who have reached a level of saturation in their banking career; or may not be at the peak of their performance; have some personal personals or want to pursue their personal/professional life outside of the bank; or have some better opportunities elsewhere can choose a ‘respectable’ exit option which will be open from December to January, every year. This scheme will act as a tool for the State Bank of India to maintain the balance for yearly manpower training. 

Who are eligible for SBI VRS Scheme?

  1. The bank employees who have completed their 25 years of service and are of 55 years of age will be eligible for opting SBI VRS scheme.
  2. Also, the SBI VRS is open for those having health issues.
  3. Moreover, the employees of banks merged with SBI can also opt the scheme of SBI VRS.
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Who are not eligible for SBI VRS Scheme?

  1. The SBI VRS plan will not be applicable to CA, CFA , Forex Dealer, Risk Management professionals.
  2. Moreover, staff members those who are on contract basis will not be allowed to participate in SBI VRS.
  3. Also, people who are in suspension or facing departmental inquiry won’t be eligible to be a part of SBI VRS plan.
  4. The SBI employees who are being investigated by CBI and ED for any crime or any other matter are also not allowed for SBI VRS.

Note: You can take back your application for SBI VRS within 15 days of submission. If you participate in SBI VRS, and want to join SBI again, then you have an option to join SBI after a gap of 2 years. 

What are the benefits of SBI VRS?

The SBI employees who opt Volunteer Retirement Scheme will get the 50% salary for the rest of the years they were left in the bank service, however, this won’t exceed the cumulative amount of 18 months of the present salary. According to the rules set for VRS, the workers availing SBI VRS will also get the benefit of provident fund and gratuity too. Moreover, pension leaves encashment, rates of housing loan, car loan, educational loan policies will continue to remain applicable as previously according to the bank rules.

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