ICICI Bank, the second largest commercial bank in the country, today announced its first early retirement option. The move comes one year after the reverse merger with parent ICICI.
The voluntary retirement scheme (VRS) will remain open between July 1 and July 31. The option is available to all employees, who have completed 40 years of age and seven years of service with the bank (and all other entities that merged with the bank) as on July 31.
ICICI Bank is offering three months salary (basic plus dearness allowance) for every year of service completed or the full residual service