Tuesday, August 31, 2010

Indian Overseas Bank and Dena Bank offered second option for Pension

IOB and Dena Bank has recently offered second option for pension for there staff and retirees.

IOB Circular
"A joint Note and Settlement dated 27.04.2010 was signed by IBA with Officers’ Organisations and Workmen Unions respectively on extending another option for pension to the non-optees who were in the service of the Nationalised Banks prior to 29th September 1995 and continued to be in service on or after the said date and did not opt for pension earlier......"
Download the IOB Pension Circular and option form.
Dena Bank board of directors offered second option for pension to it's employees and retirees consequent to their board meeting held on 16.08.2010.
View the Detailed circular of Dena Bank.
Contributed by Mr P. Mohan


Sundar said...

Dear Pay Commission Site and Mr. Mohan,
Thanks for uploading the IOB Circular, for which I am eagarly waiting all these days.
Pay Commission Site is the first of this kind to serve the retired bank employees and thanks for your support. Mohan Are you from IOB?
Thanks once again
Thanks & Regards
Sundaresan J

Vasu said...

Lot of uncertainty has been generated in respect of commutation . In terms of instructions issued by IBA to all Banks 'commutation amount may be set off' against the amount to be refunded by retired employees However circulars issued by various banks contain provisions which appear contrary to the instructions of IBA.From a perusal of some of the circulars one gets an impression that option for pension should be first exercised by refunding 156% first and then only option for commutation can be exercised that too subject to medical certificate to be produced in certain cases.Retired employees may find it difficult to raise the amount required and this appears to be a case of many a slip between the cup and the lip.Atleast both the process could be initiated simultaneously and commutation amount could be set off against the amount to be refunded. i wonder whether leaders of various unions are seized of the matter.Would Mr.Balsubramanian/Mr.Venugopal offer their opinions. Vasudevan

simha said...

Retirees has to appreciate the good gesture of DenaBank for deducting commutation amount and pension arrears payable up to Nov 2010 from 156% PF payable by retirees.If every bank follows this it will be good help for senior citizens.

Contact Us

Viewers may share any information with the administrator in this email shyamali00@gmail.com
Any news, if approved, may be published in this blog under his /her name.
Related Posts with Thumbnails

Blog Archive

Bookmark This Page

Bookmark and Share
All the information published in this webpage is submitted by users or free to download on the internet. I make no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this page and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis. All the other pages you visit through the hyper links may have different privacy policies. If anybody feels that his/her data has been illegally put in this webpage, or if you are the rightful owner of any material and want it removed please email me at "shyamali00@gmail.com" and I will remove it immediately on demand. All the other standard disclaimers also apply.