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27,000 SBI employees apply for VRS in 4 days

Over 26,862 employees of the State Bank of India have applied for voluntary retirement within four days of the opening of the scheme. This constitutes 11.53 per cent of the total staff strength.

Highly placed source said that as on January 19, the bank received VRS applications from 15,123 officers and 11,739 clerks and 'award' staff.

The number of officers who applied for VRS comes to 24 per cent of the total number of officers of the bank.

The scheme will continue to remain open till the end of this month, even though the talk going round was that the management might consider fixing 55 years as cut-off age for the scheme.

The employees opting for VRS will receive two months of salary for each years served or full salary for the number of remaining years in service, whichever is lower.

The average benefit under this formula will be Rs 700,000 to Rs 800,000 per employee opting for the scheme.

Incidentally, the bank had planned to reduce the work force by 10 per cent through VRS.

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