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Federal Bank comes up with VRS package (FE 07.09.06) The Federal Bank has for the first time announced a voluntary retirement scheme (VRS) package for its staff. A top bank official said the offer, open up to September 30, was likely to get good response. The VRS package with a limit of Rs 10 lakh was for those above 50 years of age. As the bank had never undertaken such a scheme earlier like other public and private sector banks, there were a good number of employees in the over-50> category. At the officer-level, there would over 50% of the around 2,500> staff falling in the above-50 category.