In these regulations, unless the context otherwise requires,-
(a) “Act” means the Banking Companies (Acquisition and Transfer of Undertakings) Act, (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 ;
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(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 UCO BANK mentioned under column 2 of the FIRST SCHEDULE of the Act;
(f) “Board” means the Board of Directors of 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-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 the 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;
(j) “contribution” means any sum credited 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;
(l) “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 UCO Bank Officer Employees’ (Discipline and Appeals Regulation 1976) made under section 19 of the Act;
(n) “employee” means any person employed in the services 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 any employee means :- 3 1) wife in the case of a male employee or husband in the case of a female employee;
2) 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;
3) son or unmarried daughter or widowed/divorced daughter, who has not attained the age of twenty five years, including such son or daughter adopted legally.
4) parents who were wholly dependant on the employee when he/she was alive, provided the deceased employee had left behind neither a widow/widower nor a child."
(p) “financial year” means a year commencing on the1st day of April;
(q) “Fund” means the UCO Bank (Employees’) Pension Fund Constituted under regulation 5;
(r) “notified date” means the date on which these regulations are published in the official Gazette;
(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 1sl day of July, 1993,
1. The basic pay including stagnation increments, if any, and.
2. 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 the 1st day of July, 1993, i) the basic pay including stagnation increments, 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;
iv) dearness allowance calculated upto 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,
1. the basic pay including stagnation increments, if any; and
2. all other components of pay counted for the purpose of making contributions to the Provident Fund and for the payment of dearness allowance; and 4
3. increment component of Fixed Personal Allowance; and
4. dearness allowance thereon on the above calculated upto Index Number 1616 points in the All India Average Consumer price Index for Industrial Workers in the series 1960=100.
Explanation:
For the purpose of this clause, basic pay, other components of pay and Fixed Personal Allowance would mean the basic pay, other components of pay and Fixed Personal Allowance drawn by the employees in terms of the 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);
(d) in relation to an employee (officer or workman) who retired or died while in service on or after the first day of May 2005:
1. 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:
Provided that with effect from 1st day of May 2005 the provisions of this clause shall also apply 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.”
Provided no arrears of pension or commuted value of pension will be payable on account of such re-fixation of pension to such an employee who retired or died while in service on or after 1st day of April, 1998 but before 30th day of April, 2005.
(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;
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(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 Allowances, House Rent Allowance and other allowances, if any and dearness allowance payable from time to time under the settlement ;
(za) “service regulations” means UCO 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 UCO Bank (Employees’) Pension Fund constituted under sub-regulation (1) of regulation 5;
(zd) “trustee” means the trustees of the UCO 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 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.
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CHAPTER II APPLICATION AND ELIGIBILITY
3. Application, - These regulations shall apply to employee who, -
1. (a) where in these service of the Bank on or after the 1st day of January,1986 but had retired before the 1st day of November, 1993; and
(b) exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and
(c) refund within sixty days after the expiry of the said period of one hundred and of twenty days specified in clause (b) the entire amount of the Bank’s contribution to the Provident Fund including interest accrued thereon together with a further simple interest at the rate of six per cent per annum on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank or till the 1st day of April 1995 whichever is earlier; or
2. (a) have retired on or after the 1st day November, 1993 but before the notified date; and
(b) exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and
(c) refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (b) the entire amount of the Bank’s contribution to the Provident Fund and interest accrued thereon together with a further simple interest at the rate of six per cent per annum on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank; or
3. (a) are in the service of the Bank before the notified date and continue to be in the service of the Bank on or after the notified date; and
(b) exercise an option in written within one hundred and twenty days from the notified date to become member of the Fund; and
(c) authorize the trust of the Provident Fund of Bank to transfer the entire contribution of the Bank along with the interest accrued thereon to the credit of the Fund constituted for the purpose under regulation 5; or
4. Application: These Regulations shall apply to employees who:
(a) join the service of the bank on or after the notified date and upto
31.3.2010.
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(b) The provisions of Bank Employees’ Pension Regulations, 1995 shall not be applicable to those who join the services of the bank on or after 1.4.2010
(c) Employees joining the service of the bank on or after 1.4.2010 shall be eligible for the Defined Contributory Pension Scheme, the bank will be formulating for them. The Scheme shall be regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA).
(d) The officers joining the services of the Bank on or after 1.4.2010 shall contribute 10% of Pay and Dearness Allowance towards the Defined Contributory Pension Scheme and the bank shall make a matching contribution in respect of these employees.
5. were in the service of the Bank during any time on or after 1st day of November, 1993 and had died after retirement but before the notified date, their family shall be entitled for the amount of pension payable to them from the date on which they would have been entitled to pension under these regulations, had they been alive till the date on which they died, if the family of deceased -
(a) exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and
(b) refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (a) above the entire amount of the Bank’s contribution to the Provident Fund and interest accrued thereon together with a further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account till the date of refund of the aforesaid to the Bank; or
6. joined the service of the Bank on or after the 1st day of November,1993 but who have died while in the service of the Bank before the notified date, their family shall be entitled to the family pension under these regulations;
Provided that the family of such a deceased employee refunds within one hundred and eighty days from the notified date the entire amount of the Banks’ contribution to the Provident Fund, if any, and interest accrued thereon together with further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank;
Provided further that the family of such a deceased employee shall apply in writing for grant of family pension; or
7. were in the service of the Bank during any time on or after the 1st day of January, 1986 and had died while in service on or before the 31st day of October, 1993 or had retired on or before the 31st day of October, 1993 but died before the notified date in which case their family shall be entitled to the pension or the family pension as the case may be under these regulations, if the family of the deceased, 8
(a) exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and
(b) refund within sixth days of the expiry of the said period of one hundred and twenty days specified in clause (a) above the entire amount of the Bank’s contribution to the Provident Fund and interest accrued thereon together with a further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank; or till the 1st day of April, 1995, whichever is earlier; or
8. joined the service of the Bank on or before the 31st day of October, 1993 and who died while in service on or after the 1st day of November, 1993, but before the notified date in which case their families shall be entitled to family pension under these regulations if the family of the deceased employee, -
(a) exercise an option in writing within one hundred and twenty days from the notified date to become a member of the Fund; and
(b) refund within sixty days of the expiry of the said period of one hundred and twenty days specified in clause (a) above the entire amount of the Bank contribution to the Provident Fund, including interest accrued thereon together with a further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account of the employee till the date of refund of the aforesaid amount to the Bank;
9. Notwithstanding anything contained in sub-regulations (1), (2), (3), (5) and (8) an option exercised before the notified date by the employee or the family of a deceased employee in pursuance of the settlement shall be deemed to be an option for the purpose of this Chapter if such am employee or the family of a deceased employee refund within sixty days from the notified date, the amount of the Bank contribution to the Provident Fund, including interest accrued thereon together with a further simple interest in accordance with the provisions of the chapter and in case employer’s contribution of Provident Fund has not been received from Provident Fund Trust, has authorised or authorises within sixty days from the notified date the trustees of the Provident Fund of the Bank to transfer the entire contributions of the Bank to the Provident Fund including interest accrued thereon in accordance with the provisions of this chapter to the credit of the Fund constituted for this purpose under regulation 5.
10. Notwithstanding anything contained in sub-regulation (2), (5), (6) and (8), In cases where an employee had retired / died after retirement on or after the 1 s t day of November, 1993 but on or before the 1st day of April, 1995 or where an employee had died while in service of the Bank on or after the 1st day of November, 1993 but on or before the 1st day of April, 1995 such an employee or the family of the deceased employee, as the case may be, shall refund within the period specified 9 in aforesaid sub-regulations the entire amount of the Bank's contribution to the Provident Fund including interest accrued thereon with a further simple interest at the rate of six per cent per annum on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank or till the 1st day of April, 1995, whichever is earlier.”;
11. were in the service of the Bank prior to 29th September 1995 in case of Nationalised Banks/ 26th March 1996 in case of Associate Banks of State Bank of India and continue in the service of the bank as on 27th April 2010 provided such employee:
(i) exercise an option in writing within sixty days from the date of offer to become a member of the pension fund, and
(ii) authorise the Trust of the Provident Fund of the Bank to transfer the entire contribution of the Bank along with interest accrued thereon to the credit of the pension fund besides contributing an amount equal to 2.8 times of the pay for the month of November 2007.
12. were in the service of the Bank prior to 29th September 1995 in case of Nationalised Banks/ 26th March 1996 in case of Associate Banks of State Bank of India and retired after that date andprior to 27th April 2010; provided such employee :
(i) exercise an option in writing within sixty days from the date of offer to become a member of the Pension Fund; and
(ii) refund within thirty days after expiry of the said period of sixty days, the entire amount of bank’s contribution to Provident Fund and interest accrued thereon received on retirement together with a further sum equivalent to fifty six per cent of the said amount of bank’s contribution to the Provident Fund and interest thereon received on retirement.
13. The family of those employees who were in service of the bank, prior to 29th September 1995 in case of Nationalised Banks/ 26th March 1996 in case of Associate Banks of State Bank of India retired after that date and had died will be eligible for family pension provided:
(i) the family of the deceased employee exercises an option in writing within sixty days of the offer to become a member of the Pension Fund; and
(ii) refund within thirty days after expiry of the said period of sixty days, the entire amount of bank’s contribution to the Provident Fund and interest accrued thereon received by the deceased employee on retirement together with an amount equal to fifty six per cent of the said amount of bank’s contribution to Provident Fund and interest thereon received by the deceased employee on retirement.
14. The family of those employees who were in service of the bank prior to 29th September 1995 in case of Nationalised Banks/ 26th March 1996 in case of Associate Banks of 10 State Bank of India and died while in service of the bank after that date will be eligible for family pension, provided:
(i) the family of the deceased employee exercises an option in writing within sixty days of the offer to become a member of Pension Fund and
(ii) refund within thirty days after expiry of the said period of sixty days, the entire amount of bank’s contribution to Provident Fund and interest accrued thereon, received upon death of an employee, together with an amount equal to fifty six per cent of the said amount of bank’s contribution to the Provident Fund and interest thereon received on death of employee.
15. Pension to those shall be who opt to join the Pension Fund stated under Clause- 3(ii) shall be payable w.e.f. 27.11.2009 and employees who retired/ family of employees who died after 27.11.2009, as stated under Clause-3(12)/3(13)/3(14) as the case may be, shall get pension/ family pension from the respective date of retirement/death.