(1) In case of an employee who was employed on scale wages and on a permanent part-time basis in the service of Bank and was contributing to the Provident Fund, such service rendered by him on a permanent pat-time basis from the date he became a member of the Provident Fund shall be counted as qualifying service.
(2) For the purpose of calculating the amount of pension in respect of a part-time employee who was/is initially recruited on a lower scale wage and later fitted on higher scale wages including full scale wages, the length of qualifying service shall be determined in accordance with Appendix IV.
(3) In respect of part-time employees who continue to be in the same scale wages since their recruitment, for the purpose of calculating the amount of pension, the actual service put in shall be taken as qualifying service. In such cases the actual pay drawn on scale wages at the time of retirement shall be reckoned for the purpose of average emoluments.
Note:
The actual service/qualifying service shall be calculated from the date of recruitment or 1.9.1978, whichever is later.
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CHAPTER V CLASSES OF PENSION
28. Superannuation Pension.
Superannuation pension shall be granted to an employee who has retired on his attaining the age of Superannuation specified in the Service Regulations or Settlements.
Provided further that employees who ceased to be in service on or after 29th September 1995 on account of voluntary retirement before attaining the age of superannuation but after rendering service for a minimum period of 15 years in terms of any scheme framed for such purposes by the Board with the approval of the Government, shall be entitled to join the Pension Fund, subject to the terms and conditions mentioned for retiring officers opting for joining the scheme if theya) exercise an option in writing within sixty days from the date of offer to become a member of the pension fund; and b) refund within thirty days after expiry of the 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 retirement together with a further sum equivalent to fifty six per cent of the said amount.
Provided that, with effect from 1st day of November , 2000, pension shall also be granted to an employee who opts to retire before attaining the age of Superannuation, but after rendering service for a minimum period of 15 years in terms of any Scheme that may be framed for such purpose by the Board with the approval of the Government.
29. Pension on Voluntary Retirement.
(1) On or after the 1st day of November, 1993, at any time after an employee has completed twenty years of qualifying service he may, by giving notice of not less than three months in writing to the appointing authority retire from service;
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Provided that this sub-regulation shall not apply to an employee who is on deputation or on study leave abroad unless after having been transferred or having returned to India he has resumed charge of the post in India and has served for a period of not less than one year;
Provided further that this sub-regulation shall not apply to an employee who seeks retirement from service for being absorbed permanently in an autonomous body or a public sector undertaking or company or institution or body, whether incorporated or not to which he is on deputation at the time of seeking voluntary retirement:
Provided that this sub-regulation shall not apply to an employee who is deemed to have retired in accordance with clause (1) of Regulation 2.
(2) The notice of voluntary retirement given under sub-regulation (1) shall require acceptance by the appointing authority;
Provided that where the appointing authority does not refuse to grant the permission for retirement before the expiry of the period specified in the said notice, the retirement shall become effective from the date of expiry of the said period.
(3) (a) An employee referred to in sub-regulation (1) may make a request in writing to the appointing authority to accept notice of voluntary retirement of less than three months giving reasons thereof;
(b) On receipt of a request under clause (a), the appointing authority may, subject to the provisions of sub-regulation (2), consider such request for the curtailment of the period of notice of three months on merits and if it is satisfied that the curtailment of the period of notice will not cause any administrative inconvenience, the appointing authority may relax the requirement of notice of three months on the condition that the employee shall not apply for commutation of a part of his pension before the expiry of the notice of three months.
(4) An employee, who has elected to retire under this regulation and has given necessary notice to that effect to the appointing authority, shall be precluded from withdrawing his notice except with the specific 24 approval of such authority; Provided that the request for such withdrawal shall be made before the intended date of his retirement.
(5) The qualifying service of an employee retiring voluntarily under this regulation shall be increased by a period not exceeding five years, subject to the condition that the total qualifying service rendered by such employee shall not in any case exceed thirty-three years and it does not take him beyond the date of superannuation
(6) The pension of an employee retiring under this regulation shall be based on the average emoluments as defined under clause (d) of Regulation 2 of these Regulations and the increase, not exceeding five years in his qualifying service, shall not entitle him to any notional fixation of pay for the purpose of calculating his pension.
30. Invalid Pension.
(1) Invalid pension may be granted to an employee who, -
(a) has rendered minimum ten years of service; and
(b) retires from the service on or after the 1st day of November 1993 on account of any bodily or mental infirmity, which permanently incapacitates him for the service.
(2) An employee applying for an invalid pension shall submit a medical certificate of incapacity from a medical officer approved by the Bank.
(3) Where the Medical Officer approved by the Bank has declared the employee fit for further service of less laborious character than that which he had been doing, he should, provided he is willing to be so employed, be employed on lower post and if there be no means of employing him even on a lower post, he may be admitted to invalid pension.
(4) No medical certificate of incapacity for service may be granted unless the applicant produces a letter to show that the Competent Authority is aware of the intention of the applicant to appear before the medical officer approved by the Bank.
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(5) The medical officer approved by the Bank shall also be supplied by the Competent Authority in which the applicant is employed with a statement of what appears from official records to be the age of the applicant.
31. Compassionate Allowance.
(1) An employee, who is dismissed or removed or terminated from service, shall forfeit his pension:
Provided that the authority higher than the authority competent to dismiss or remove or terminate him from service may, if –
(i) such dismissal, removal, or termination is on or after the 1st day of November, 1993; and
(ii) The case is deserving of special consideration, sanction a compassionate allowance not exceeding two-thirds of the pension which would have been admissible to him on the basis of the qualifying service rendered upto the date of his dismissal, removal, or termination.
(2) The Compassionate Allowance sanctioned under the proviso to subregulation (1) shall not be less than the amount of minimum pension payable under Regulation 36 of these regulations.
32. Premature Retirement Pension.
Premature Retirement Pension may be granted to an employee who, -
(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, if otherwise he was entitled to such pension on 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 Discipline and Appeal Regulations, or settlements by the authority higher than the authority competent to impose such penalty may be granted pension at a rate not less than two-thirds and not more than full 26 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 awarding a pension less than the full 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 minimum pension payable under regulation 36 of these regulations.
34. Payment of pension or family pension in respect of employees who retired or died between 1.1.1986 to 31.10.1993.
(1) Employees who have retired from the service of the Bank between the 1st day of January, 1986 and the 31st day of October, 1993 shall be eligible for pension with effect from the 1st day of November, 1993.
(2) The family of a deceased employee governed by the provisions contained in sub-regulation (7) of regulation 3 shall be eligible for pension or family pension as the case may be, with effect from the 1st day of November, 1993.
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CHAPTER VI RATE OF PENSION
35. Amount of Pension.
(1) In respect of employee who retired between the 1st of January 1986 but before the 31st day of October 1987, basic pension and additional pension will be updated as per the formula given in Appendix-I.
(2) In the case of an employee retiring in accordance with the provision of the Service Regulations or Settlement after completing a qualifying service of not less than thirty-three years the amount of basic pension shall be calculated at fifty per cent of the average emoluments.
(3) (a) Additional pension shall be fifty per cent of the average amount of the allowance drawn by an employee during the last ten months of his service;
(b) no dearness relief shall be paid on the amount of additional pension.
Explanation: - For the purpose of this sub-regulation "allowance" means allowance which are admissible to the extent counted for making contributions to the Provident Fund.
(4) Pension as computed being aggregate of sub-regulation (2) and (3) above shall be subject to the minimum pension as specified in these regulations.
(5) An employee who has commuted the admissible portion of his pension as per the provisions of Regulation 41 of these Regulations shall receive only the balance of pension, monthly.
(6) (a) In the case of an employee retiring before completing a qualifying service of thirty-three years, but after completing a qualifying service of ten years, the amount of pension shall be proportionate to the amount of pension admissible under sub-regulations (2) and (3) and in no case the amount of pension shall be less than the amount of minimum pension specified in these regulations.
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(b) Notwithstanding anything contained in these regulations, the amount of invalid pension shall not be less than the ordinary rate of family pension which would have been payable to his family in the event of his death while in service.
(7) The amount of pension finally determined under these regulations shall be expressed in whole rupee and where the pension contains a fraction of a rupee, it shall be rounded off to the next higher rupee.