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Voluntary Retirement Scheme - Table of Contents
Public Sector Banks Implemnt Voluntary Retirement Scheme to Shed Overweight and Get Leaner Voluntary Retirement Scheme (VRS)- Preface & Introduction The Need and Urgency of PSBs to Downsize their Workforce The Shortcomings of Scheme In Perception & Implementation - (Criticism voiced by the Trade Unions) Salient Features of Voluntary Retirement &
Sabbatical Scheme
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Public Sector Banks Implement Voluntary Retirement
Scheme to Shed Overweight and Get Leaner
[by Ms. K.R,Chitra, PG Student, M.Phil, Kerala University]
"The introduction of VRS is part of the organizational preparedness for these public sector banks to be ready for such changes and take on the challenges of the new banking. All these Banks will have no need of 75 percent (today 25 percent of the work force is subordinate staff, 50 percent is clerical staff and 25 percent is the officers) of the existing workforce by 2010. Only in very few hinterland rural pockets there may be a possibility of a need of the present structure of workforce. The objective of VRS is to prepare for this reality of the first decade of the New Millennium, where banking will be more tech based and less people based."(Source - article from "Analyst" Journal of Institute of Chartered Financial Analysts, Hyderabad titled - VRS in Banks - http://www.icfaipress.org/aprilana/vrs.htm )
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Voluntary Retirement Scheme offered by PSBs to their Employees
The voluntary Retirement Plan (VRS) offered by public sector banks to the employees is the trend setter that was to be followed by otherpublic sector undertakings subsequently. The bank defined the terms and extended the offer to the employees. It may be accepted by those employees to whom it is acceptable. Still more than one lakh employees of PSBs accepted the same and retired from service. There are four articles (plus Annexure) describing voluntary retirement scheme implemented by public sector banks in the year 2000. The first article is by way of introduction and the next three articles with Annexure are contributed by Ms.K.R.Chitra, a PG Student studying M.Phil in Kerala University. Ms. Chitra analyses the issues relating to VRS and presents a critical review of the scheme from the point of view of the banks, the trade unions and the employees.
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