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Newly-formed association of VRS optees of Punjab National Bank (PNB) -- the PNB Voluntarily Retired Staff Association (PNBVRSA) -- has filed a case against the bank for settling outstanding issues arising out of the separation scheme offered recently. Issues include the manner of computing the tax deduction on the ex-gratia payment, denial of leave fare concession (LFC) to the retiring employees, dispute over the period of service to be taken into account for calculation of pension, payment of salary for the three months' notice period required before relieving an employee and extending medical benefits under the PNB Retired Officers Contributory Medical Benefit Scheme to the retiring officers.

State Bank of India 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.

Central Bank of India will launch its voluntary retirement scheme (VRS) for a period of 15 days commencing on February 22 to March 8, 2001. The VRS payable to the extent of 50 per cent in cash and the balance 50 per cent in the form of bond . Bank expects around 8-10 per cent of the 38,000 employees to opt for VRS.

Bank of Maharashtra will be accepting applications of 2,000 VRS optees 800 officers and 1,200 class III and IV employees. About 2,700 employees of a total of about 16,000 had opted for the scheme. VRS would cost it over Rs 200 crore and reduce the annual wage bill by about Rs 56 crore.

Andhra Bank will pay around Rs 160 crore in cash towards the voluntary retirement scheme (VRS) of its employees, as against a combination of cash and debentures issued by some public sector banks. It has received as many as 1,750 applications from its staff for the VRS. With the VRS process expected to be completed by March, the bank looks forward to a substantial reduction in overheads and significant improvement in per employee productivity.

Bank of India (BoI) has embarked on a major organisational recast exercise. After the launch of the voluntary retirement scheme (VRS) which was opted by 7,780 employees , the bank is set to abolish one tier (zonal offices) from its four-tier organisational structure. The bank will now have three tiers -- branch offices, regional offices and head office.

Canara Bank, has received an overwhelming response of around 8,500 applications to its voluntary retirement scheme that ended on January 31, has permitted withdrawal of VRS applications till February 10.







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