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The board of Thrissur-headquartered CSB Bank, on Tuesday, approved the roll out of a Voluntary Retirement Scheme (VRS) for award staff.
According to CVR Rajendran, MD & CEO, 223 employees are eligible for VRS and if all of these employees opt for the scheme, the outgo for the bank will be around ₹80 crore.
As per the bank’s regulatory filing, VRS will be offered to the eligible award staff, who have completed 50 years of age and have a minimum of 10 years of service with the bank.
The scheme shall be effective from January 25, 2021, for such period, as specified in the scheme.
The implementation of the scheme will be beneficial to the bank in the long run, both in terms of financial and customer service point of view, CSB Bank said in the filing.
Rajendran said the average annual salary of the award staff is about ₹11-12 lakh.
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