About 150 employees of the erstwhile United Western Bank, which merged with Industrial Development Bank of India, have sought an early retirement under the one-month window available for UWB employees to decide whether they would want to continue working under the new management.
UWB had nearly 3,000 employees on its rolls when it was put under a moratorium on September 2, 2006, 800 officers, 800 sub-staff and 1,400 clerks. The average age of UWB employees was over 45 years. UWB was merged with IDBI Bank with effect from October 3.
About 50 officers and 100 employees from clerical and sub-staff category have submitted applications for early separation.
"Very few operationally active employees have opted for VRS. Of those seeking early retirement, 70-80 employees were to retire on superannuation in a short while," a senior IDBI official said.
Those seeking early exit would be entitled to compensation available under UWB's rules in force prior to close of business on September 02, 2006.
The major task for IDBI Bank is to reorient the UWB staff from just offering products for SME and retail, mainstay of erstwhile UWB, to provide service to large size clients, the IDBI official said. Some UWB employees are already receiving training and orientation at an IDBI establishment in Hyderabad.
The branch network of UWB is being run as a strategic business unit. IDBI would retain existing zonal set of UWB for the benefit of administering UWB's 230 branches.
