News reports say that SBI plans to implement a VRS scheme as an ‘economy measure’ : P Chidambaram

P Chidambaram, Former Finance Minister :

  • News reports say that SBI plans to implement a VRS scheme as an ‘economy measure’ . In normal times the plan would be debatable. In these abnormal times, when the economy has collapsed and jobs are scarce, it is cruel.
  • If India’s biggest lender has to shed jobs, imagine what other big employers and MSMEs are doing The plan is ostensibly voluntary but we know that subtle pressure will be brought on the employees that the Bank wants to get rid of.
  • If the current rules provide for genuine voluntary retirement, why announce a new plan and give out an exact number like 30,190?

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