Bank Officers who availed VRS can avail Pension
Scheme
IBA (Indian
Bank Association) issued an elaborate circular to extend the benefit
of exercising another option to join the Pension Scheme to those officers who
had taken Voluntary Retirement from the Bank’s service on or after 29.6.1995 in
case of Nationalised Banks / 26.3.1996 in case of Associate Banks of State
Bank of India in terms of rules framed by each Bank’s Board pursuant to
the proviso to Regulation 19(1) of Bank Officers’ Service Regulations, 1979.
Option
for joining existing pension scheme was not extended earlier to bank Officers
who took voluntary retirement.
Now
this IBA circular provides that officers who had availed VRS on
after 29.06.1995 ( in the case of associate bank of state bank of
india on or after 26.03.1996) can now give option to join the pension
scheme
The full
text of this IBA Circular is as follows
Indian
Banks’ Association
No.CIR/HR&IR/2012-13/G2/6213
November
9, 2012
Chief
Executives of Member Banks which are parties to the Joint Note dated
27.4.2010 on Pension Option
Dear
Sirs,
Joint
Note dated 27.4.2010 with Officers’ Organisations for extending
another option to join the Pension Scheme to those who did not opt for
pension earlier
We
would like to draw your attention to
our Circularno.CIR/HR&IR/G2/665/90/2010-11/999 dated 10.8.2010
forwarding copies of the Settlement / Joint Note on extending another option
for pension to the non-optees who were in the service of the bank prior to
29th September 1995 in case of Nationalised Banks and 26th March 1996 in
case of Associate Banks of State Bank of India and continued to be in
service on or after the said date and did not opt for pension earlier.
2.
In terms of aforesaid Joint Note, another option for joining the existing
Pension Scheme was extended under the following clauses to those officers
who-
Clause-2(a):
Were in the service of the bank prior to 29th September 1995 in case of
Nationalized Banks / 26th March 1996 in case of Associate Banks
of State Bank of India and continue in the service of the bank
on the date of this Joint Note;
Clause-3(a):
Were in service of the bank prior to 29th September 1995 in case of
Nationalized Banks / 26th March 1996 in case of Associate Banks
of State Bank of India and retired after that date and prior to
the date of this Joint Note;
Clause-4:
The family of those officers who were in the service of the bank prior to 29th
September 1995 in case of Nationalized Banks / 26th March 1996 in case of
Associate Banks of State Bank of India retired after that date
and had died will beeligible for family pension.
Clause-5:
The family of those officers who were in the service of the bank prior to 29th
September 1995 in case of Nationalized Banks / 26th March 1996 in case of
Associate Banks of State Bank of India, but have died while in
service of the bank after that date will be eligible for family
pension.
Clause-7:
Officers who ceased to be in service on or after 29th September 1995 in case
of Nationalized Banks / 26th March 1996 in case of Associate Banks
of State Bank of India on account of voluntary retirement under
special scheme after rendering service for a minimum period of 15 years,
shall be eligible to exercise an option to join the Pension
Scheme subject to the terms and conditions mentioned for retiring
officers opting for joining the Scheme.
3.
The Joint Note dated 27.4.2010 for extending another option for pension to the
non-optees indicates the categories of employees eligible for
another option. In accordance with the provisions contained in the Joint
Note dated 27.4.2010. Banks had extended the benefit of exercising another
option to join the Pension Scheme to the eligible category of
employees within the prescribed time schedule.
However,
the Joint Note did not specifically include a provision for offering another
option to join the pension scheme to those officers who took voluntary
retirement. Consequently, a number of representations were made by such
category of officers to banks / IBA / Government and many
of them moved to court of law. Besides, representations have also been made
by UFBU to resolve the issue.
4.
The above matter has been engaging the attention of Government as well
asIBA for quite some time. Accordingly, the Managing Committee
of IBA at its meeting held on 30.10.2012 had decided that those
officers who took Voluntary Retirement within the meaning and provision of
Regulation 19(1) of Bank Officers’ Service Regulations, 1979 may be
extended the benefit of exercising another option to join the existing
Pension Scheme strictly in accordance with the terms and conditions laid
down in the Joint Note dated 27.4.2010.
5.
We are, therefore, to advise that the banks may, as decided by the Managing
Committee of IBA extend the benefit of exercising another option to
join the Pension Scheme to those officers who had taken Voluntary
Retirement from the Bank’s service on or after 29.6.1995 in case of
Nationalised Banks / 26.3.1996 in case of Associate Banks of State
Bank of India in terms of rules framed by each Bank’s Board pursuant
to the proviso to Regulation 19(1) of Bank Officers’ Service
Regulations, 1979. Besides, the family of those officers who were in the
service of the bank prior to 29.9.1995 in case of Nationalised
Banks/26.3,1996 in case of Associate Banks of State Bank of India,
retired after that date and had died thereafter will
be eligible for another option to join the existing
Pension Scheme for family pension. These categories of officers / family
members are to be sanctioned the benefits in terms of Regulation-29 of
Bank Employees’ Pension Regulations, 1995.
6.
In extending the aforesaid benefits, all terms and
conditions contained in Joint Note dated 27.4.2010 as enclosed with
our letter no. CIR/HR&IRG2/665/90/2010-11/999 dated 10.8.2010 should
be strictly adhered to.
7.
No other category of officers outside the purview of Regulation 19(1) of Bank
Officers’ Service Regulations, 1979 would
be eligible to exercise another option to join the existing
Pension Scheme.
Yours
faithfully‚
sd/-
K.UNNIKRISHANAN
DY.CHIEF
EXECUTIVE
