At present, the total staff strength of the bank is about 1,60,000 and about 4,000 employees have already put in applications for separation. The scheme closed in March 31, 2007 coinciding with the end of financial year 2006-07.
The maximum response (approximately 700) to the scheme came from officers from the Maharashtra and Goa circles, which have the largest share in SBI's business, and corporate office. The employee (clerical and other staff) strength in the circle and head office is about 15,000, a staff union functionary said.
The scheme was aimed at people feeling frustrated due to lack of promotion avenues, feel uncomfortable working under the core banking platform. The bank had floated a similar scheme for officers in 2006-07. It closed in October with about 6,000 officers, including one chief general manager, parting ways.
While the business volume has grown substantially over the last three years, there is shortage of staff at branches adding to work pressure. The core banking solution, which is expected to take-away the burden of drudgery, is yet to stablise at many branches and had led to inviting customer wrath. In such a situation, some employees have preferred to call it a day, the union official said.
Under the existing scheme, a person will be entitled to 50 per cent of salary for the remaining period of service. However, the maximum benefit a person can get has been capped at 36 months, another SBI union leader said.
The monetary compensation under the exit scheme is less than the package given under VRS. The employees will also be taxed for the money received under the exit scheme, he said.
