SBI denies VRS meant to save cost, says it plans to hire 14,000 this year

An SBI spokesperson said the bank was expanding its operations and required people
The State Bank of India (SBI) on Monday said that the 'On Tap VRS' scheme proposed by it had been incorrectly interpreted as a cost-cutting measure and the bank’s intent to reduce workforce.

An SBI spokesperson said that bank was employee-friendly, was expanding its operations and required people, as evidenced by the fact that it was planning to recruit more than 14,000 employees this year.

The spokesperson further said SBI had an existing workforce of around 250,000 and the bank had been at the forefront of serving employee needs and designing ways and means for engaging and assisting employees in their life journey. It was against this backdrop that the bank thought of providing a congenial solution to employees who expressed a desire for making a strategic shift in their vocations, either due to professional growth limitations, mobility issues, physical health conditions or family situations.

"While our commitment towards our valued employees remains unshakable, we are deeply desirous of skilling the unemployed youth of the country, as evidenced by the fact that we are the only bank in the country which has on-boarded apprentices under the National Apprenticeship Scheme of Govt of India,” the spokesperson added.

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