State Bank of India plans to offer 3% profit to staff

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sbiThe State Bank of India (SBI) is planning to offer up to 3% of annual profit to employees as part of a talent retention and motivation initiative.

“SBI has sought permission from the finance ministry to offer up to 3% of annual profit to employees. We need to ensure that we are able to remunerate our people better,” SBI chairperson Arundhati Bhattacharya said.

According to report, the bank is also considering a share-purchase scheme for all employees, irrespective of their posts. SBI expects to raise between Rs. 800-1,200 crore through the scheme.

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