Ahead of April 1, SBoP staff offered VRS

Tribune News Service

Chandigarh/Patiala, March 21

Ahead of merger with the State Bank of India on April 1, State Bank of Patiala employees have been offered a Voluntary Retirement Scheme (VRS). It is open to permanent staff and officers who have put in 20 years of service or have completed 55 years of age, as on February 28, 2017.

Staff member whose VRS requests are accepted will get an ex gratia equal to 50 per cent of their salary for the residual period of service (up to the date of superannuation), subject to a maximum of 30-month salary.

For the purpose of calculation of ex gratia, salary for the month in which the employee is relieved from the service on VRS will be reckoned.

According to the VRS document, gratuity and provident fund will be payable as per rules applicable on the relevant date. Pension will be payable in terms of the pension fund rules of the associate banks. There will also be a provision for encashment of privilege leave.

The scheme will remain open for 15 days (March 22 to April 5, 2017). Withdrawal of applications will be allowed within seven days from the last date of receipt of applications.

However, the bank retains the discretion to limit the number of employees allowed to retire in each category of staff under the VRS.

Headquartered at Patiala, the SBoP was set up by the then ruler of Patiala, Maharaja Bhupinder Singh, on November 17, 1917, to foster the growth of agriculture and industry. 

To avoid overlapping offices in the same area, the SBI has, meanwhile, decided to shut down almost half of the offices, including the head offices of the three associate banks, out of the total five that will merge with it on April 1.

Local Congress MLAs have already decided to take up the issue of the bank merger in the Assembly and to pass a resolution seeking the conversion of the State Bank of Patiala head office into the local head office of the SBI.

Former Patiala MLA Preneet Kaur, who is also the grand daughter-in-law of Maharaja Bhupinder Singh and Patiala (rural) MLA, and Cabinet minister Brahm Mohindra have already said they will raise the issue in the Assembly to “retain the head office”.