Premature Retirement Pension may be granted to an employee who – 24 of 66
(a) has rendered minimum ten years of service ; and
(b) retires from service on account of orders of the Bank to retire prematurely in the public interest or for any other reason specified in Service Regulations or Settlement or settlement, if otherwise he was entitled to such pension or superannuation on that date.
33. Compulsory Retirement Pension –
1. An employee compulsorily retired from service as a penalty on or after 1st day of November 1993 in terms of Union Bank of India Officer Employees’ (Discipline and Appeal) Regulations 1976 or awards / settlements may be granted by the authority higher than the authority competent to impose such penalty, pension at a rate not less than two thirds and not more than full pension admissible to him on the date of his compulsory retirement if otherwise he was entitled to such pension on superannuation on that date.
2. Whenever in the case of a bank employee the Competent Authority passes an order (whether original, appellate or in exercise of power of review) awarding a pension less than the full compensation pension admissible under these regulations, the Board of Directors shall be consulted before such order is passed.
3. A pension granted or awarded under sub –regulation (1) or, as the case may be, under sub - regulation (2), shall not be less than the amount of rupees three hundred and seventy five per mensem.