In case of doubt, in the matter of application of these regulations, regard may be had to the corresponding provisions of Central Civil Services Rules, 1972 or Central Civil Services (Commutation of Pension) Rules, 1981 applicable for Central Government employees with such exceptions and modifications as the Bank, with the previous sanction of the Central Government, may from time to time, determine.
1,0'N irk I:
erT-49.31-4T4Mtt- For Indian Overseas Bank tAICAA-aLX' qq 51-4-.41-i /Chief Manager 36 Appendix - 1 (See regulation 35) The formula of updating basic pension and additional pension in respect of employees who retire between the 1st day of January 1986 and the 31st day of October 1987 shall be as under:
A. (1) Basic pension shall be increased by an amount of:-
(a) 50 per cent of first Rs.1000 Rs.
of the average emoluments reckonable for pension.
(b) 45 per cent of next Rs.500 Rs.
(c) 40 per cent. of the average Rs.
emoluments reckonable for pension exceeding Rs.1500 Total of (a + b + Rs. (A) B. 50 per cent of the average monthly emoluments for the last 10 months in service prior to retirement C. Dearness Relief at index number 600 in the All India Average Consumer Price Index for Industrial Workers in the series 1960= 100, on basic pension calculated at (1) above, as per Table given below.
Rs. (B) Rs. (C) D. Total increased basic pension =(B) +(C) x Number of years of qualifying = Rs. (D) Service (Maximum 33 years) 33 E. Basic Pension as on 1.11.1993 Rs. (E) (Rounded off to the next higher rupee)
(2) For increase in the additional pension, amount of special allowances counted for making contributions to Provident Fund will be increased with reference to the quantum of special allowance ranking for Provident Fund as per the Service Regulations or Settlements, as the case may be.
I 1.6\ "J> c e •Tt \3t4-1g For Indian Overseas Bank Vg4 CR741. /Chief Manager 37 TABLE Rates of dearness relief worked out at index number 600 in the All India Average Consumer Price Index for Industrial Workers in the series 1960 = 100 for all classes of employees who retired during the period 1.1.1986 to 31.10.1987:
(a) Employees in subordinate staff cadre
(b) Employees in clerical staff cadre drawing pension up to Rs.756/- per month
80.40 percent of pension calculated at A(1) above 67 per cent of pension calculated at A(1) above
(c) Employees in Clerical Staff cadre drawing pension of Rs.757/- per month and above will be eligible for dearness relief as under:
Amount of basic The amount of Amount of basic The amount of pension drawn per dearness relief Pension drawn per dearness relief month admissible month admissible Rs. Rs. Rs. Rs.
757 - 796 508.00 945 - 964 634.00 797 - 804 534.00 965 - 984 647.00 805 - 824 540.00 985 -1004 660.00 825 - 844 553.00 1005 -1024 674.00 845 - 864 567.00 1025 -1044 687.00 865 - 884 580.00 1045 -1064 701.00 885 - 904 593.00 1065 -1084 714.00 905 - 924 607.00 1085 & Above 727.00 925 - 944 620.00
(d) Employees in officer cadre shall be eligible for dearness relief as under:
(i) For those drawing basic pension up to Rs.765/- per month;
(ii) For those drawing basic pension from Rs.766/- to Rs.1165/- per month;
66 per cent of the amount of pension calculated as at A(1) above subject to a maximum of Rs.500 Rs.500
(iii) For those drawing basic pension of Rs.1166/- per month or above .5' •
42.90 per cent of the amount of pension calculated as at A(1) above subject to a maximum of Rs.715 For Indian Overseas Bank '1461 ktAlv-61 SI-4-41- /Chief Manager 38 Appendix-II (See regulation 37) Dearness relief on basic pension shall be as under:-
(1) In the case of employees who retired on or after the 1st day of January, 1986, but before the 1st day of November, 1992; and in the case of employees who were in the Officers' cadre and who retired on or after 1st day of January 1986, but before the 1st day of July 1993, dearness relief shall be payable for every rise or be recoverable for a every fall as the case may be, of every four points over 600 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers in the series 1960=100. Such increase or decrease in dearness relief for every said four points shall be calculated in the manner given below:- Scale of basic pension per The rate of dearness month relief as a percentage of basic pension
(1)
(2)
(i) up to Rs.1250 0.67 per cent.
(ii) Rs.1251 to Rs.2000
(iii) Rs.2001 to Rs.2130
(iv) above Rs.2130
0.67 per cent of Rs.1250 plus 0.55 per cent of basic pension in excess of Rs.1250
0.67 per cent of Rs.1250 plus 0.55 per cent of the difference between Rs.2000 and Rs.1250 plus 0.33 per cent of basic pension in excess of Rs.2000
0.67 per cent of Rs.1250 plus
0.55 per cent of the difference Between Rs.2000 and Rs.1250 plus plus 0.33 per cent of the difference between Rs.2130 and Rs.2000 plus
0.17 per cent of basic pension in excess of Rs.2130 3irIT4t4 4 For Indian Overseas Bank tAAAtfr •gtezr /Chief Manager 39
(2) In the case of employees who are in workmen cadre and who retire on or after the 1st day of November, 1992 and in the case of employees who are in the Officers' cadre and who retire on or after 15t day of July 1993, dearness relief shall be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 1148 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers in the series 1960=100. Such increase or decrease in dearness relief for every said four points shall be calculated in the manner given below:- Scale of basic pension per The rate of dearness month relief as a percentage of basic pension
(1)
(2)
(i) up to Rs.2400 0.35 per cent.
(ii) Rs.2401 to Rs.3850
(iii) Rs.3851 to Rs.4100
(iv) above Rs.4100
0.35 per cent of Rs.2400 plus
0.29 per cent of basic pension in excess of Rs.2400
0.35 per cent of Rs.2400 plus
0.29 per cent of the difference Between Rs.3850 and Rs.2400 plus
0.17 per cent. of basic pension in excess of Rs.3850.
0.35 per cent of Rs.2400 plus
0.29 per cent of the difference between Rs.3850 and Rs.2400 plus
0.17 per cent of the difference between Rs.4100 and Rs.3850 plus
0.09 per cent of basic pension in excess of Rs.4100.
41:6-gzIff For Indian Overseas Bark CIAA'vj't> VTAT- /Chief Manager a-4-7741- For Indian Overseas Bank iet Manager SIC 40
(3) In the case of employees who retire on or after the 1st day of April, 1998, dearness relief shall be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 1616 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers in the series 1960=100.
Such increase or decrease in dearness relief for every said four points shall be calculated in the manner given below:- Scale of The rate of dearness relief basic pension per month as a percentage of basic pension
(1)
(2)
(i) Up to Rs.3380
0.25 per cent.
(ii) Rs.3381- Rs.5420
(iii) Rs.5421- Rs.5770
(iv) above Rs.5770
0.25 per cent of Rs.3380 plus 0.21 per cent of basic pension in excess of Rs.3380.
0.25 per cent of Rs.3380 plus 0.21 per cent of the difference between Rs.5420 and Rs.3380 plus
0.12 per cent of basic pension in excess of Rs.5420.
0.25 per cent of Rs.3380 plus 0.21 per cent of the difference between Rs.5420 and Rs.3380 plus 0.12 per cent of the difference between Rs.5770 and Rs.5420 plus
0.06 per cent. of basic pension in excess of Rs.5770.
Provided that on or from the 1st day of May 2005 in the case of employees who retire on or after the 1st day of April 1998 but on or before the 31st October 2002, dearness relief shall be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 1684 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers in the series 1960=100.
Such increase or dearness relief for every said 4 points shall be calculated in the manner given below:
The rate of dearness relief as a percentage of basic pension
0.24 per cent
0.24 per cent of Rs.3550 plus 0.20 per cent basic pension in excess of Rs.3550 Scale of basic pension per month
(i) Upto Rs. 3550
(ii) Rs.3551 to Rs.5650
0.24 per cent of Rs.3550 plus