SBI introduces new voluntary retirement scheme

State Bank of India (SBI) has introduced 'Second Innings Tap'- its new Voluntary Retirement Scheme (VRS) for employees, CNBC-TV18 has reported.

The report noted that the scheme will be opened for three months, from December to January, every year, and employees who have completed 25 years of service and are 55 years of age will be eligible for the same.

A total of 11,565 officers and 18,625 staff of SBI are eligible for the new VRS plan.

Those opting for this voluntary retirement scheme (VRS) will be paid 50 percent of their salary for the residual period of service.

If 30 percent of the eligible employees opt for the new scheme, the bank expects net savings of around Rs 2,170.85 crore. As on March 2020, the country's largest lender had nearly 2.5 lakh employees on its rolls.