Tuesday, September 14, 2010

State Bank of Hyderabad issued pension circular

State Bank of Hyderabad issued pension circular a few days back but we managed to get the copy only today by Mr Mohan P.
Download S.B.H. Pension Circular


chandan said...

What's about State Bank of Sourastra(merged in SBI) and State Bank of Indore?

akhilesh said...

Mr. Mohan P. Please also down load
pension circular of Allahabad Bank
as and when it comes.

gs said...

is there any time frame for the banks to issue circulars for pension option? syndicate bank has still not issued a circular for pension option.
please clarify because i am eagerly waiting for the circular.

geetha said...

I am also waiting for the syndicate bank circular.Dont know what is happening.Can anyone update us regarding this issue

rajeev said...

Mr. Mohan P. Please also down load
pension circular of state Bank of india as and when it comes.
from -

SHANKAR said...

As per information Syndicate Bank's Board meeting was postponed to second week of September 2010 and only on receipt of Board resolution this pension circular can be issued.It all depends on the date of board meeting and whether the matter is placed before the board. Only union leaders who are nominated to the board can clarify the correct position.

simha said...

Syndicate Bank pension circular may be issued in a day or two.

venkatasudhakararao said...

some banks are asking to remit the 56% of the EPF amount to consider the pension option from the retired employees,ignoring the commutation and pension arrears.I want to know comments.

Vasu said...

IBA's instruction to Banks is very clear. Netting of commutation may be allowed against the amount to be refunded. However it is silent about arrears of pension in so far as netting is concerned.However Union Bank of India has been very generous in this regard. It is prepared to adjust not only commutation but also arrears of pension, should an employee find it difficult to raise the amount required, upon specific request. But what beats me is how many of the Banks have chosen to ignore IBAs instruction relating to netting cf commutation. Again i wonder why union leaders are silent and have not taken up the matter with IBA to ensure uniformity in the matter of implementation of second pension option. The delay on the part of some of the banks may prove detrimental to the interest of the retired employees.Vasudevan

akhilesh said...

can any guide what is current D.A.
applicable to recent pensioners(whome
pension will be paid in future)and what is formula of D.A. TO pensioners
and its frequency of change.

SHANKAR said...

Referring to Vasu-September 15, 2010 9:51 PM /Venkatasudhakararao -September 15, 2010 8:39 PM
IBA can only suggest to individual banks to adjust commutation and the same has been done. As per information from unions, individual banks are taking steps to adjust commutation and collect only the balance amount. But technically speaking arrears can not be paid unless an employee opts for pension by remitting the required amount. Hence demanding adjustment of arrears and collecting balance amount only may not be conceded by all banks. Employees have to do as per their bank's circulars.The gap between opting for pension and payment of arrears of pension may not be more than a week ar the most.After waiting for 15 years atleast this is better than nothing.

kamalakannan said...


As IBA has given a wrong clarification in the matter of second option for pension to VRS Retirees, both AIBOA and AIBOC have requested for a meeting with IBA to sort out the issue, as provided in the Joint Note.

May I request the above leaders to kindly advise the outcome of the meeting / response from IBA in this regard either to paycommission web-site, or in their own web-sites for the benefit of thousands of VRS retirees eagerly awaiting for the second option for pension for several years.


akhilesh said...

Allahabad Bank
has issued circular regarding second
pension option.person cocern can get it from any C.B.S. branch.how ever it is requested to Mr. MohAN P that upload the circular on All Banking
Solution .com . Thanks

simha said...

Syndicate Bank has released pension option circular today

geetha said...

Yes just checked the bank site.

SHANKAR said...

Referring to K Kannan-September16, 2010 7:16 PM
This is how things should move. Every employee who took VRS and all existing/retired employees should pressurise his/her respective union(till the goal is reached)to vigorously follow up with IBA and get pension. Moving to courts may or may not be fruitful.Afterall which official at Government/IBA level is keen or bothered about the plight of VRS optees? They will just keep quite saying that let the courts decide. At the same time, one should not forget that this second option for pension came after 15 years with all types of protests/strike calls.


most of the banks issued pensionsion circulars with their own version not uniform.Any way what will be the posiotn of the pension fund after three years when 55% retired in the industry.What will be the position of the retiree after 10 yrs,with the pf int 8.5 is the bottom,now 9.5,anybody clarify

SHANKAR said...

Referring to Ramanathan-September 18, 2010 6:03 AM
You can get yours doubts clarified by going through Pension Regulation AAct-1995 word by wor,sentence by sentence.All the points are clear there.

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