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
at

3 comments :

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

August 31, 2010 at 9:57 PM
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

September 1, 2010 at 6:48 PM
Unknown 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.

September 2, 2010 at 4:56 PM

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