Mumbai, June 18: ICICI Bank has launched an early retirement scheme (ERO) for its senior employees, who have completed 40 years of age and seven years of service with the bank. “We have not set any target on the number of employees availing for the ERO. There are two sets of employees -- one who, with the given pay package, feel they are not able to cope and want a soft exit option; second, those have put long years of service in banking and want an early retirement. The ERO is for these employees,” said Kalpana Morparia, executive director, ICICI Bank.

Bank officials feel that close to 800 employees may come under the programme, which could cost ICICI Bank close to Rs 100 crore. The ERO will also be applicable to employees of entities that have till date merged with the bank, including ICICI. These entities are SCICI, ITC Classic Finance, Anagram Finance, Bank of Madura, ICICI Personal Financial Services and ICICI Capital.
The bank has a staff strength of 11,000. The ERO will be open for eligible employees between July 1 and July 30. The amount payable to employees availing the ERO will be either three months salary for every completed year of service or salary for the balance years of service, whichever is lower. Bureau Report