10% Staff At Stanchart, Grindlay & #39;S Bite Vrs Bait

The early bird benefit for the voluntary retirement scheme announced at StanChart Bank and StanChart Grindlays Bank has seen 10 per cent of the staff opting for the scheme.

The early bird benefit portion of the scheme ended today with the unions at the bank putting up strong opposition against the scheme which offered a hefty one-time payment.

The incentive provided for a maximum of eight months salary, while the average pay-out in case of the general scheme will be Rs 19 lakh per employee.

In fact, 35 employees opted for the scheme at Kolkata, against employee strength of 441 at StanChart Grindlays and 265 at StanChart.

The scheme is open till June 25 and the management expects a total of 1000 employee to go at a total cost of Rs 275 crore.

The bank unions persisted with their allegation both the banks' managements had formed departments, christened banking service division and resource management division, where some 132 staff at StanChart Grindlays Bank and 173 staff from StanChart Bank have been kept idle for two years, while backoffice work was being outsourced. The total number at Delhi and Mumbai being 60 and 50.