The country’s largest bank, State Bank of India (SBI), has introduced an evaluation metrics for extending the services of the bank’s senior officials. The bank is also planning to come out with a voluntary retirement scheme (VRS) for the employees.
While the details of the VRS will be decided after the government’s approvals, the SBI Officers’s Association has staunchly opposed the move.
In order to bring greater effectiveness and objectivity while considering extension in service, the bank has decided to introduce an evaluation metrics to be adopted for this, the bank said in a recent circular. The first stage for evaluation for extension of services will happen after completion of 30 years of service or pensionable service or on attaining 55 years of age whichever occurs first for granting of extension in service up to 58 years of age, it said.
The bank has close to 2.50 lakh employees.
The second stage of evaluation will happen after an officer attains 58 years of age for grant of extension/ continuation in the service up to 60 years of age. Benchmark qualifying score will be ‘65’ out of ‘100’.where `performance’ of an officer carries the highest score of 50. Cases getting less than ‘65’would require to be referred to the Review Committee for recommendations for granting extension or short extension or no extension and to put up to the authority competent to refuse extension.
Those getting score of ‘65’ and above will be considered for extension in service by the competent authority to sanction. The other factor which would be evaluated about an officer are — attitude and credentials, compliance and integrity (that would verify whether any instance of submission of false compliance in internal audit/ statutory audit etc) or regulatory violations.
The officer will also be rated on attitude towards seniors, peers, subordinates, continued usefulness to the bank, social media violation, external influence for transfer, promotion and attitude towards customer Service
Currently, an officer may be retired from the bank’s service after he has attained 50 years of age or has completed 25 years’ service or 25 years’ pensionable service, as the case may be, by giving him three months’ notice in writing or pay in lieu thereof, it said.
An officer who has completed 20 years’ service or 20 years’ pensionable service, may also be permitted by the competent authority to retire from the bank’s service, it said.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines