Money & Banking

CSB offer: Give up the job, your kin will get it

L. N. Revathy Coimbatore | Updated on March 15, 2011


If you are a bank employee in the 40-59 age bracket, would you consider giving up your job if your employer hints that your kin could come on board instead?

Catholic Syrian Bank made this offer to its employees last month. The idea, though not new, is similar to the offer made by another Thrissur based bank ? South Indian Bank.

The idea behind this scheme is to ensure that the young workforce joining the bank would be able to gel well with CSB's culture and not hop jobs as most do these days.

Those in the know of the developments said that the offer did not enthuse the staffers initially, but towards the closing date (February 28), the bank received quite a number of applications, of which 100 have been short-listed and these employees are expected to be relieved soon.

More than 500 CSBians are said to be in the qualifying age bracket (40?59 years).

Terms of the offer

The CSB Managing Director, Mr V.P. Iswardas, when contacted, said there were applicants whose remaining service period was less than one year and their offer to retire voluntarily could therefore not be entertained. ?The offer was open to those in the 40-59 age group; should have had at least one more year of remaining service; should have a dependent, qualified child of employable age and the qualifying candidate would come on board subject to his/her clearing the written test and interview conducted by the bank.?

The employment offer for the dependent was irrespective of the cadre of his/her parent.

Details furnished by the bank show that of the 100 that are due to retire voluntarily, only 2 are in the rank of assistant general managers and the rest are either sub-staff or clerks. According to Mr Iswardas, the recruitment of the candidates so referred would be over by April 30. ?Their parents would be relieved as soon as these youngsters join the bank,? he said.

Bank sources said that the male-female response ratio was 2:1. This is the third voluntary retirement scheme offer made by the bank. ?In 2002, a lump sum offer was made to the optees; 60 employees opted for it. The second offer was made in 2007; We did not offer a lump sum compensation then, but took the balance service years into consideration for settlement. Now, we have decided to accommodate the ward of the VRS optee depending on their merit,? Mr Iswardas said.

Published on March 15, 2011

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