NCIBS-2020

VOLUNTARY RETIREMENT SCHEME (VRS) IN PUBLIC SECTOR BANKS (PSBs) PARTICULARLY, THE STATE BANK OF INDIA (SBI) (20151441)

DOI :
Authors :
Abstracts : Dont simply retire from something; have something to retire to.- Harry Emerson Through the New Economic Policy of 1991, the Indian Government relaxed and removed restrictions on import and export. Significant changes in industrial and business sectors were observed. One of its important aspects is the Exit Policy, under which the business and industrial establishments are allowed to reduce their excess staff and employees. The Enterprise Reform Programme engendered downsizing bringing in its wake trauma for the employees. In order to allay the social impact caused and to eliminate unnecessary legal hurdles and complex procedures established under the Industrial Disputes Act 1947, the Voluntary Retirement Scheme was introduced. It includes attractive severance package, training, retraining and redeployment programmes. The Narasimham Committee II came up with certain objectives for the banking reforms in India, and with this it also suggested introduction of Voluntary Retirement Scheme in the banks, wherever necessary, to reduce over manning. As a result, VRS was introduced in all public sector banks except Corporation Bank on non-discriminatory basis.
Pages : 58-65
Downloads : 27
Publication Date :
Modified Date : 2020-07-02
Cite/Export
Payal , "VOLUNTARY RETIREMENT SCHEME (VRS) IN PUBLIC SECTOR BANKS (PSBs) PARTICULARLY, THE STATE BANK OF INDIA (SBI)", JournalNX - A Multidisciplinary Peer Reviewed Journal, NCIBS-2020, ISSN : 2581-4230, Page No. 58-65
Peer reviewed