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Update on SBI VRS

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SBI has decided that it will accept applications under the voluntary retirement scheme from only those who have completed over 55 years of age. However, in the case of those belonging to the clerical and sub-staff cadre — SBI will stick to the original VRS parameters and the new norm will not be made applicable to them. The new cut-off age limit will mean that just over 7,000 of officers will now be eligible for the VRS.

State Bank of India's voluntary retirement scheme (VRS), which closed on January 31, has attracted 35,380 applications. This works out to about 15 per cent of the bank's employee base of 233,000. Of the 35,380 applications, 54 per cent or over 19,000 are from officers, 36 per cent or about 13,000 are from clerical staffs, and 3,137 are from the sub-staff category. In Patna circle only 1,305 employees applied for retirement. Applications were highest in the Mumbai circle where over 6,000 employees have sought to exit, followed by Hyderabad and Delhi, where 4,000 odd applications were made in each of these circles.


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