Thursday, September 9, 2010

Vijaya Bank issued Pension Option Circular

Download the Vijaya Bank Pension option circular
Provided by Mohan P.

10 comments :

simha said...

Vijaya Bank did not consider deduction of commutation from 156% PF payable by retirees.It indicates that entire 156%of PF has to be paid to consider pension option.It is very difficult to pay such huge amount by retirees. When IBA has considered to deduct commutation amount from refundable PF why some banks are reluctant to oblige.

Vasu said...

There is no uniformity in the matter of extending second option in so far as commutation and arrears of pension are concerned despite instructions of IBA, It is the duty of the unions to take up the matter immediately with IBA and ensure that netting of commutation amount is made mandatory.This would go a long way in helping such of those retired employees who might find it difficult to raise the resources required.There can not be different yardsticks in the matter. Vasudevan

mahesh agrawal said...

THE PENSION OPTION TO VOLUNTARY RETIRED SHOULD BE GIVEN BY IBA/BANKS AS PER PENSION REGULATIONS/OFFICERS SERVICE REGULATIONS....
See The citing@http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/annual_report/9899ea2.pdf

A scheme for payment of ex-gratia to pre-
1986 retirees in Reserve Bank of India and other public
sector banks
2.4.1 In the year 1995 a pension scheme was introduced in the
public sector banks (except State Bank of India) in lieu of contributory
provident fund w.e.f. 1.11.93. This scheme was also extended to those
employees, who retired from the bank’s services on or after 1.1.86 and
opted for pension scheme. Subsequently, Government received several
representations from various quarters to extend the benefit of pension
to pre-1986 retirees or at least to provide them some relief by way of exgratia
payment. The matter was examined and Government have decided
that banks may provide ex-gratia relief to all such ex-employee who
retired before 1.1.86, provided they had rendered at least twenty years
of continuous service prior to their superannuation and are not getting
any pensionary benefits from the bank. Subject to fulfillment of
these conditions, the ex-gratia at the rate of Rs.300/- per month may
be paid w.e.f. 1.11.97. On this amount of ex-gratia beneficiaries are also
entitled to dearness relief at the rate of 0.67% for every rise of four
points in the All India working Consumer Price Index (base 1960=100)
over 600 points. The amount of ex-gratia including dearness relief payable
as on 1.11.97 works out to Rs.873/- per month.
2.4.2 The ex-gratia is, however, not admissible to (a) those who were
dismissed/removed from service and (b) those who resigned from service

chandan said...

@ mahesh agrawal September 10, 2010 3:18 PM:

In that case what's about pf optee award staff who had to resign even after 30 years of service as because he/she is not a subject to normal vrs like officers??

kamalakannan said...

Can any body upload the pension circular of Bank of Baroda, which has been issued on 9th Sept 2010, for the benefit of thousands of viewers ?

K.Kannan

mahesh agrawal said...

COURT CASE AT JAIPUR

It has been reported that All India Bank Employees PF Optees Forum, registered as a society, has filed a WP before the Hon'ble Rajasthan High Court-Jaipur bench. The case is listed as civil writ CW 11861/2010 on 27.08.2010

The petitioners have also sought a stay of operation of Clause No. 32 of the workmen BPS and clause no, 20 of the Officers Joint Note, vide their CMS 4964/2010.

Interim relief is to be considered after service of notices to the respondents, which include all the UFBU constituents (officers & workmen) besides the IBA, GoI and a few of the banks. The case has been posted for next hearing on 23.10.2010

CLICK allbankingsolution.com

kamalakannan said...

Bank of Baroda Pension circular may be viewed from allbankingsolutions.com

It is really surprising that how Bank of Baroda has come to the conclusion that " the Joint Note dated 27-04-2010
does not 'envisage' for extension of another option for pension to those who ceased to be in service by way
Voluntay Retirement from service as per Bank of Baroda Officers' Service Regulations", while both their BOBOSR as well as
BOB Pension Regulations specifically provide for the entitlement of pension to the VRS Retirees, retiring after serving
30 years/55years of age. How cunningly the bank is trying to (mis)interpret the Joint Note, which is very clear that all retirees,
whether on superannuation or on VRS as per individual Banks' schemes, (approved by Govt of India) are eligible for second option for pension.

K.Kannan

geetha said...

still waiting for syndivcate bank to issue the circular for pension option. Can anyone tell why there is so much delay from their side

gs said...

i thimk all the major banks have issued the circular for pension option. only syndicate bank has not issued.Can anybody tell me why this delay from syndicate bank?

































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simha said...

it is learnt from reliable sources that Syndicate Bank by all probabilities may issue pension option circular by 15th or 16th sep

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