VRS passed in ECCB today
-Officials upto DMD.
-25 yrs service and completed 55 years age
-Every year official attaining 55 yrs can apply, discretion with Management
-50% of salary residual period or 18 months salary
-2 years cooling period before taking up any assignment with Bank
-All other benefits as if retired in normal course
*It has been decided by BBB to reduce the existing number of staff by 50%. Accordingly an attractive VRS scheme will be launched for staff having service of 20 years and above. Rest of the staff will be given performance based pay with variable pay component being 30% of CTC. More details are awaited. The whole excercise is sheduled to be completed by 30.09.2020.*
Eye Opener:
In the VC yesterday, chairman has said that Bank will have 20% to 25% reduction of staff in the future. Since CSP channel has been proved very successful during the lockdown. Bank has given them the rights to go with upto 6 terminals in lieu of 1 that they were using hitherto.So 1 CSP may engage his family and friends to help him in rendering banking services. Further, more & more number of DSA(Direct Selling Agents)will be engaged in Urban areas as they are cost effective to the bank. The passbook printing service will go away from the branches to CSPs', Swayam machines and with some more options.
Observations: In the future, the bank may excercise VRS/CRS type options
2).The bank may not extend service beyond 55 or 58 years.
So, all the staff members are advised to learn the new dynamics of doing business. Keep updating yourself with technology. Develop marketing skills, if hitherto, you are not used to. Develop the relationship marketing skills. Develop the habit of engaging communities both by using technology and by using personal repo to remain in the business.
Thanx & Regards.
Forwarded as received.
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