In a bid to optimise its costs, the State Bank of India has planned a voluntary retirement scheme or VRS under which about 30,190 employees are eligible. The total employee strength of the country's largest lender stood at 2.49 lakh at the end of March 2020.
The scheme will be opened to all permanent officers and staff who have put in 25 years of service or completed 55 years of age. The scheme will open on December 1 and will remain open till the end of February.
The total net savings for the bank would be ₹1,662 crore if 30% of eligible employees opt for retirement under the scheme.