In these regulations, unless the context otherwise requires, -
(a) "Act" means the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);
(b) "Actuary" shall have the meaning assigned to it in clause (1) of section 2 of the Insurance Act, 1938 (4 of 1938);
(c) "Appendix" means, an Appendix annexed to these regulations;
(d) "Average emoluments" means the average of the pay drawn by an employee during the last ten months of his service in the Bank;
(e) "Bank" means Indian Overseas Bank mentioned under column 2 of THE FIRST SCHEDULE of the Act;
(f) "Board" means the Board of Directors of the Bank;
(g) "Child" means a child of the employee, who, if a son, is under twenty-five years of age and if a daughter, is unmarried and is under twenty-five years of age and the expression "children" shall be construed accordingly;
(h) "Competent Authority" means the authority appointed by the Board for the purposes of these regulations;
(i) "Consolidated wages" means lump sum amount payable to part-time employee belonging to the subordinate staff who is not drawing scale wages;
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(j) "Contribution" means any sum created by the Bank on behalf of employee to the Fund, but shall not include any sum credited as interest;
(k) "Date of retirement" means the last date of the month in which an employee attains the age of superannuation or the date on which he is retired by the Bank or the date on which the employee voluntarily retires; or the date on which the officer is deemed to have retired;
(I) "Deemed to have retired" means cessation from service of the Bank on appointment by Central Government as a whole-time Director or Managing Director or Chairman in the Bank or in any other Bank specified in column 2 of the FIRST SCHEDULE of the Act or Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980) or in any public financial institution or State Bank of India established under State Bank of India Act, 1955 (23 of 1955);
(m) "Discipline and Appeal Regulations" means the Indian Overseas Bank Officer Employees' (Discipline and Appeal Regulations, 1976 made under section 19 of the Act;
(n) 'Employee' means any person employed in the service of the Bank, whether as a workman on full time work on permanent basis or on part-time work on permanent basis on scale wages or as an officer and who opts and is governed by these regulations, but does not include a person employed either on contract basis or daily wage basis or on consolidated wages.";
(o) "Family" in relation to an employee means: -
(a) wife in the case of a male employee or husband in the case of a female employee;
(b) a judicially separated wife or husband, such separation not being granted on the ground of adultery and the person surviving was not held guilty of committing adultery;
(c) son who has not attained the age of twenty-five years and unmarried daughter who has not attained the age of twenty-five years, including such son or daughter adopted legally;
(d) parents who were wholly dependent on the employee when he/she was alive, provided the deceased employee had left behind neither a widow / widower nor a child.
(ID) "Financial year" means a year commencing on the 1st day of April;
(q) "Fund" means the Indian Overseas Bank (Employees') Pension Fund constituted under regulation 5;
(r) "Notified date" means the date on which these regulations are published in the Official Gazette;
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(s) "Pay" includes, -
(a) in relation to a workman who had either retired or died on or after the 1st day of January, 1986 but before the 1st day of November, 1992; and in relation to an officer who had either retired or died on or after the 1st day of January 1986 but before the 1st day of July, 1993, -
(i) the basic pay including stagnation increments, if any and
(ii) all allowances counted for the purposes of making contribution to the Provident Fund and for the payment of dearness allowance;
(b) in relation to a workman who retired or died while in service on or after the 1st day of November, 1992; and in relation to an officer who retired or died while in service on or after 1st day of July, 1993, -
(i) the basic pay including stagnation increment, if any; and
(ii) all allowances counted for the purpose of making contribution to the Provident Fund and for the payment of dearness allowance; and
(iii) increment component of Fixed Personal Allowance; and
(iv) dearness allowance calculated up to Index number 1148 points in the All India Average Consumer Price Index for Industrial workers in the series 1960=100;
(c) in relation to an employee who retired or died while in service on or after the 1st day of April 1998-
(i) the basic pay including stagnation increment, if any; and
(ii) all allowances counted for the purpose of making contribution to the Provident Fund and for the payment of dearness allowance; and
(iii) increment component of Fixed Personal Allowance; and
(iv) dearness allowance calculated up to Index number 1616 points in the All India Average Consumer Price Index for Industrial workers in the series 1960=100;
(d) in relation to an employee who retired or died while in service on or after the first day of May, 2005 the basic pay including stagnation increments, if any, and Special pay, Graduation Pay, Professional Qualification Pay, increment component of Fixed Personnel Pay and Officiating Pay, if any, drawn by the employee during the last ten months of his service in the Bank:
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Provided that with effect from 1st day of May, 2005 the provisions of this clause shall have effect in relation to an employee who retired or died while in service on or after 1st day of April, 1998 but before 30th day of April, 2005."
Explanation:
For the purpose of this clause, basic pay, other components of pay and Fixed Personal Pay would mean the Basic Pay, other components of pay and Fixed Personal Allowance drawn by the employee in terms of scales of pay as applicable and the rates at which the other components of pay were payable prior to 01.11.1997 (in the case of workmen) and prior to 01,04.1998 (in the case of officers).
(t) "Pension" includes the basic pension and additional pension referred to in Chapter VI of these regulations;
(u) "Pensioner" means an employee eligible for pension under these regulations;
(v) "Public financial institution" means a financial institution regarded as a public financial institution for the purposes of section 4A of the Companies Act, 1956 (1 of 1956);
(w) "Qualifying service" means the service rendered while on duty or otherwise which shall be taken into account for the purpose of pension under these Regulations;
(x) "Retired" includes deemed to have retired under clause (1);
(y) "Retirement" means cessation from Bank's service, -
(a) on attaining the age of superannuation specified in Service Regulations or settlements;
(b) on voluntary retirement in accordance with provisions contained in regulation 29 of these regulations;
(c) on premature retirement by the Bank before attaining the age of superannuation specified in Service Regulations or Settlement;
(z) "Scale wages" in relation to part-time employees means the Basic pay, City Compensatory Allowance, Special allowance, House Rent Allowance and other allowances, if any, and dearness allowance payable from time to time under the settlement;
(za) "Service regulations" means Indian Overseas Bank (Officers') Service Regulations, 1979 made under section 19 of the Act;
(zb) "Settlement" means memorandum of settlement agreed between the management of the Bank represented by the association authorised by them and workmen of such Bank represented by trade unions authorised by them;
(zc) "Trust" means the trust of the Indian Overseas Bank (Employees') Pension Fund constituted under sub-regulation (i) of regulation 5.
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(zd) "Trustee" means the trustees of the Indian Overseas Bank (Employees') Pension Fund constituted under regulation 5;
(ze) "Trustee of the Provident Fund" means the trustees of the Provident Fund of the Bank;
(zf) All other words and expressions used in these Regulations but not defined, and defined in the Act or the Service Regulations or settlements shall have the same meanings respectively assigned to them in the Act, the Service Regulations or settlement, as the case may be.
CHAPTER II APPLICATION AND ELIGIBILITY