Sunday, August 29, 2010

Canara Bank and Punjab National Bank issued Pension Circular

Canara Bank and P.N.B. issued Pension Option Circular.
Canara Bank Pension Circular
PNB Pension Circular

20 comments :

r rajendran woraiyur trichy said...

Punjab National Bank is the first bank in issuing the ANOTHER PENSION OPTION CIRCULAR on 16.08.2010. The detailed guidelinnes and navigation for submission of Pension Option Forms in HRMS have been issued yesterday in the system inwhich the concerned retired employee's PF Management Contribution and 56% of the same is being displayed on applying the PF A/c Number and on confrming that the total amount of PF + Intt. ie. 156% be remitted by the concerned employee then the Pension Option Forms in HRMS are being downloaded in the system with date.
So the retirees of PNB are to submit their PENSION OPTION FORMS in HRMS in original!

gs said...

when will syndicate bank issue circular for second pension option

gs said...

when will syndicate bank issue circular for second pension option

Vasu said...

Syndicate Bank circular expected any day.
In the meantime Union Bank of India has issued circular and one of the favorable provision is that in cause of paucity of funds required to refund, the retired employees may request for netting of COMMUTATION AMOUNT AND ARREARS OF PENSION PAYABLE.Why is it circulars issued by other banks have not included this provision. For that matter Banks may considering loans too to help the retirees as per their schemes. Vasudevan

gs said...

thank you Mr Vasu for the information but why this delay.

gs said...

thank you Mr Vasu for the information but why this delay.

Geeta said...

When will Bank of Baroda issue circular for second pension option.

Vasu said...

Most of the Banks have issued circulars inviting option letters for pension. However it is noted that Bank of Baroda/Syndicate Bank etc have not issued circulars so far.Ideally all banks should have issued circular simultaneously on the same day (subject to Board approval which in any case is a mere formality).Commutation factor is likely to be affected on account of the circulars being issued by different banks on different days although two retired officers might be similarly placed.No uniformity too is noted in the manner in which options have been invited which should not have been the case. For instance the circular issued by Andhra Bank is silent in respect of commutation which appears to be not in accordance with the instructions issued by IBA which has clearly stated that commutation amount may be set off against the amount to be refunded.Whereas Dena Bank/Union Bank of India have come out circulars intended to help the retirees circulars issued by most of the other Banks are more likely to place hurdles before retirees who might be hard pressed to raise the resources required.(Most of the savings might have eroded on account of unbridled inflation,galloping medical expenses and ever decreasing interest rates).The noble purpose to help the retirees is likely to be derailed. Who would ensure that uniformity is ensured and intended purpose is actually achieved and does not remain on paper. Vasudevan

CKS Umpire said...

SyndicateBank slow and steady wins the race. whatever circular issues must be clear without errata following the main circular. An emplyed retired in Jan 2010 waited for 7 months already and he will have to wait for 3 more months like a pregnant lady (10 Months) to get his/her pension. It is high time better council prevailed in Banking Industry for Pensioners

CKS Umpire said...

Aati hai Khandala

CKS Umpire said...

Would be pensioners are pushed from Pillar to post; What a pity?who is to be the cat?

simha said...

It will be of great help to senior citizen if they are asked to submit their option and pension papers at the nearest branch of their stay.The branch in its turn can forward the same to the branch from where the employee retired.Long travels strain stress at this age can be avoided.

CKS Umpire said...

great offer; great deed; keep up your helping habit. However, I have a branch near my residence and I have already opened a Pension account there. thanks regaUnlike cricket boards in India and South Africa, which showed zero tolerance of players tainted by match - fixing allegation, the PCB had refused to crack the whip on errant players and now pay heavy price for the same. It is time to do Postmortem and erring players should not spared for the time being and life ban is the correct way to treat them.rds

CKS Umpire said...

Whether SyndicateBank will be able to issue a circular come September
or we will have to wait till the beginning of the 2011 to get our first pension. It is undue delay adding salt to the wound. It is time to speed up the matter since there is considerable delay already.

CKS Umpire said...

Eat cricket, sleep cricket and now weep cricket after all the betting controversies. India is not lagging behind in betting. All the IPL matches were fixed. And Mohd Azharuddin was the first person to be caught alongwith H. Cronje and the video clippings of Sachin's marriage reveals presence of bookies but he reveals no Indian player was approached-what a lie.

gs said...

why this delay from syndicate bank.Please give me a genuine answer

simha said...

IBA was very promptly acted in issuing pension option circular as soon as the court vacated the stay.The urgency with which it has issued is not followed by banks like Syndicate Bank.I have information that one retired employee expired while traveling to his nearest branch to submit his pension option papers thereby he has to fore go commutation.So one can imagine the cost of delay.

Vasu said...

Refer G.s and simha. It appears that Board meeting is yet to be convened by Syndicate Bank to get approval. Though the same was convened due to certain reasons the same was deferred and it is likely to be convened shortly. However I agree that this delay is unacceptable and who would compensate in cases like the one narrated by Simha. Besides what unions are doing is a mystery.
Vasudevan

S.U said...

From my friends I came to know that Bank Of Baroda is giving offer letter from 13.9.2010.Last date for submission will be 11.11.2010.Let us hope this will end our tension for pension.

vala

achyutuni said...

syndicate bank has not given 2nd pension option to those who were on sevice on 27.04.2010, the date of joint note and subsequently took VRS for various reasons after serving more than 25 years and got relieved as per regulations 19 of SBOR, stating that only VRS optees of 2000/2001 only are eligible. Please clarify the position with other banks stand on the same...asm

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