The Securities and Exchange Board of India (SEBI) has offered a voluntary retirement scheme (VRS) to employees above 40 years of age with 15 years service.
The scheme, announced last week, will be open for two months beginning April 1, 2012 and cover full-time employees, who have completed at least 15 years of full-time service or attained 40 years of age. A significant number of senior officials are from public sector banks, from where the regulator originally sourced its human resources in the initial years. The scheme could be attractive for some of them, people familiar with the development said.
Employees received the offer through an internal mail.
There is a glut of officers in the Assistant General Manager (AGM) to the GM levels leading to employees stagnating.
With limited positions at the top, everyone can not be promoted to CGM (and above) hence this step.
It is interesting to note that the regulator SEBI has been in existence only for the last 20 years.
The regulator has set aside Rs 20 crore in its budget for 2012-13 under the head “Contribution to Staff Medical Assistance Fund and provision for VRS Payments
The scheme is part of SEBI Chairman Mr. U. K. Sinha’s efforts to modernise the organisation and bring in new resources with skills required to meet the challenges of keeping a watch on and responding to dynamic financial markets, according to people familiar with the development.
The VRS was cleared at the first board meeting chaired by Mr. U. K. Sinha on July 28, 2011.
Officials opting for the scheme will be eligible for an ex-gratia payment. According to the Sebi formula, the ex- gratia amount will be “equal to “pay plus dearness allowance” for the number of years of actual service rendered at 60 days for each completed year of service or part thereof in excess of 6 months or for the remaining months of service reckoned up to the date on which the employee would retire on superannuation.”
The move from the market regulator comes despite an optional VRS scheme launched by the Reserve Bank of India (RBI) failed to yield desired results in 2003-04.
SEBI's head office is located in Mumbai. It also has 4 regional offices in New Delhi, Chennai, Kolkata & Ahmedabad.
As on March 31, 2011, SEBI had a total of 583 employees in various grades - 469 officers and 112 secretaries and other staff. About 145 employees were promoted by SEBI during 2010-11 and pay scales were substantially revised, according to the SEBI’s annual report. Though SEBI hires new officers every year.
The scheme, announced last week, will be open for two months beginning April 1, 2012 and cover full-time employees, who have completed at least 15 years of full-time service or attained 40 years of age. A significant number of senior officials are from public sector banks, from where the regulator originally sourced its human resources in the initial years. The scheme could be attractive for some of them, people familiar with the development said.
Employees received the offer through an internal mail.
There is a glut of officers in the Assistant General Manager (AGM) to the GM levels leading to employees stagnating.
With limited positions at the top, everyone can not be promoted to CGM (and above) hence this step.
It is interesting to note that the regulator SEBI has been in existence only for the last 20 years.
The regulator has set aside Rs 20 crore in its budget for 2012-13 under the head “Contribution to Staff Medical Assistance Fund and provision for VRS Payments
The scheme is part of SEBI Chairman Mr. U. K. Sinha’s efforts to modernise the organisation and bring in new resources with skills required to meet the challenges of keeping a watch on and responding to dynamic financial markets, according to people familiar with the development.
The VRS was cleared at the first board meeting chaired by Mr. U. K. Sinha on July 28, 2011.
Officials opting for the scheme will be eligible for an ex-gratia payment. According to the Sebi formula, the ex- gratia amount will be “equal to “pay plus dearness allowance” for the number of years of actual service rendered at 60 days for each completed year of service or part thereof in excess of 6 months or for the remaining months of service reckoned up to the date on which the employee would retire on superannuation.”
The move from the market regulator comes despite an optional VRS scheme launched by the Reserve Bank of India (RBI) failed to yield desired results in 2003-04.
SEBI's head office is located in Mumbai. It also has 4 regional offices in New Delhi, Chennai, Kolkata & Ahmedabad.
As on March 31, 2011, SEBI had a total of 583 employees in various grades - 469 officers and 112 secretaries and other staff. About 145 employees were promoted by SEBI during 2010-11 and pay scales were substantially revised, according to the SEBI’s annual report. Though SEBI hires new officers every year.
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