The State Bank of India has suggested a voluntary retirement scheme (VRS) for those employees who do not get promoted after a certain position or level. The idea is to offer such staff the option to exit respectfully. However, the Bank will not force anyone to opt for VRS. This proposal is in keeping with its plan to bring down the average age of the organisation.
During the ongoing pandemic, many staff members have apparently expressed a desire to stay at home and avoid moving out, as they suffer from co-morbid conditions. Many have been unwilling to move from one city to another. This scheme has been proposed keeping in mind the needs of such employees.
This would also make way for fresh talent to be taken on, which will allow for the workforce to be renewed.
However, the All India State Bank Officer’s Association has been taken by surprise as the matter was not discussed with anyone. The Officers’ Federation had no idea about the scheme even though it is the officers who will be impacted most by the VRS.
Also, when there is so much uncertainty owing to the pandemic, the Association feels that the time is not right to moot such a scheme.
The scheme is yet to be discussed with the Government, which has a majority stake in the Bank.