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UCO Bank debars 4 categories of staff from availing VRS

With over 5,000 employees having already submitted applications seeking Voluntary Retirement, the UCO Bank management has decided to debar four categories of staff from joining the scheme.

The decision was taken at a board meeting of the 'weak' bank on January 22 "to prevent mass exodus of executives," highly placed bank sources said.

The bank had targetted to reduce its staff strength by 5,000 through VRS and has already received applications for over that number by January 20, 10 days before the deadline expired.

Under the new criteria, executives above 58 years of age as on January 1, 2001 would not be eligible to qualify for the scheme.

The second condition was executives, who had not completed one year after their last promotion, would not get VRS.

The third and fourth conditions were meant for executive grade officers by which Forex trainees and specialist officers will be debarred from availing the benefit, the sources said.

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