Icici Plans First Fi Golden Handshake Scheme

The ICICI, a favourite poaching ground for finance companies and global investment banks, is also in the process of introducing new compensation packages for its 1240-odd employees.

Confirming the move, a highly-placed source in ICICI told Business Standard, "the voluntary retirement scheme will be introduced at the earliest." The ICICI top brass is believed to be busy working on the severance package. The scheme is likely to be placed at the next ICICI board meeting in October for its approval.

"The VRS will be introduced first, to be followed by the new compensation package -- meant for those who will not opt for VRS," a senior ICICI executive said.

 

The institution has already revised the pay structure of the employees of ICICI Securities & Finance Company Ltd (I-Sec). The new pacakge in I-Sec is linked to the responsibility and risk associated with the job and not seniority of the employees. The entire exercise is a part of the restructuring programme, kicked off by its new CEO and managing director K V Kamath.