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Priya Nair

Mumbai , Sept. 20

STATE Bank of India has modified its early retirement scheme to include junior management officers. Also, the earlier cut off age of 50 years has now been reduced to 45 years.

This will be an open-ended scheme, encouraging more officers to opt out, once they become eligible.

The `exit option scheme' has been extended to include officers from the junior management grade (Scale 1). Earlier, it was applicable only to officers - from top executive grade (Special Scale) to middle management grade (Scale III).

At present, SBI has 2.06 lakh employees, of which 60,250 are officers. The original exit scheme was open only to those officers who had not been promoted to the next grade even after four attempts. As per the revised scheme, those officers who have missed even one chance of promotion are eligible to apply.

The executive committee of the bank's central board approved the modified scheme on September 10. Employees availing themselves of the exit option can now take up assignments with any other subsidiary, associate or joint venture of SBI, subject to prior approval from the competent authority, the SBI circular said.

The bank has also done away with requirement of submitting the application within three months of becoming eligible for the exit option.

The sanctioning authority has been given the discretion to allow the employee to repay the housing loan after the exit from the bank on similar terms and conditions as permitted in case of a retiring officer.

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