SBI announced plans to hire more than 14,000 employees in 2020

SBI announced plans to hire more than 14,000 employees in 2020

State Bank of India (SBI) on 7th September announced it has plans of recruiting more than 14,000 people this year and its ‘on tap VRS’ is not a cost-cutting exercise.

The country’s largest lender has planned a voluntary retirement scheme (VRS) under which about 30,190 employees are eligible. The proposed VRS is not a cost-cutting exercise, an SBI spokesperson said in a statement.

The total employee strength of country’s largest lender stood at 2.49 lakh at the end of March 2020 as compared to 2.57 lakh a year ago.

SBI 14000 Employee Recruitment 2020 State Bank of India is one of the biggest bank of India. And Modi Government receiving various criticism from Indian youth on why they are giving good number central govt jobs to youth. You have already hear Speak for Railway SSC and Bank exam. Recently General Manager of Railway given relief 2.5 crore Railway NTPC and Group D jobs appliers, who are waiting from one and Half years So Railway announce 15 December is the date when you able to check Railway group d exam time table.

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On Tap VRS’

  • Referring to the ‘On Tap VRS’, SBI underscored that it has an existing workforce of around 2.50 lakh, and has been in the forefront of serving employee needs and designing ways and means for engaging and assisting employees in their life journey.
  • “In this backdrop, it was thought to provide a congenial solution to employees who expressed desire for making strategic shift in their vocations, either due to professional growth limitations, mobility issues, physical health conditions or family situation,” the bank said.
  • As per the proposed eligibility criteria, 11,565 officers (from the Junior Management Grade Sscale – I to the Top Executive Grade Special Scale-I) and 18,625 award staff (clerical and sub-staff) members will be eligible for the scheme, which comes in the backdrop of increased digitialisation and outsourcing by banks.

Net savings

  • As per estimates based on July 2020 month’s salary, the bank expects net savings of ₹2,170.85 crore if 30 per cent of eligible employees opt for retirement under the scheme. The scheme will be kept open for three months from December 1 to February-end every year.
  • The scheme will be open to all permanent officers and award staff (including those from erstwhile associate banks and erstwhile Bharatiya Mahila Bank), who have put in 25 years of service and completed 55 years of age as on the date of application; officers who missed three or more promotion opportunities in present scale; on mobility ground/ mobility restriction for self or as caretaker.
  • The staff member whose request for retirement under VRS has been accepted will be paid an ex-gratia amounting to 50 per cent of salary for the residual period of service (up to the date of superannuation), subject to a maximum of 18 months last drawn salary.
  • As per the objectives of the scheme, it provides an option and ‘respectable’ exit route to the employees who have reached a level of saturation in their career; may not be at the peak of their performance; have some personal issues or want to pursue their personal/ professional life outside of bank; and have better opportunities elsewhere.

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