The board of Thrissur-headquartered CSB Financial institution, on Tuesday, permitted the roll out of a Voluntary Retirement Scheme (VRS) for award workers.
In line with CVR Rajendran, MD & CEO, 223 staff are eligible for VRS and if all of those staff go for the scheme, the outgo for the financial institution will likely be round ₹80 crore.
As per the financial institution’s regulatory submitting, VRS will likely be supplied to the eligible award workers, who’ve accomplished 50 years of age and have a minimal of 10 years of service with the financial institution.
The scheme shall be efficient from January 25, 2021, for such interval, as specified within the scheme.
The implementation of the scheme will likely be helpful to the financial institution in the long term, each when it comes to monetary and customer support perspective, CSB Financial institution mentioned within the submitting.
Rajendran mentioned the typical annual wage of the award workers is about ₹11-12 lakh.