second pension option to exit optee of asso bank of sbi

[Manoj Kothari]

sir

pl let me know exit optees from asso bank of sbi (both officers & award staff) will eligible for second option?

manoj

[NARENDER KUMAR SETHI]

Why this question? Why you are getting panic?

manoj

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[Gopalakrishnan Nair A.K]

Sir

The eligibility for 2nd option for Exit optees depends on the interpretations of IBA circular  by Banks'Board.This ultimately should originate from SBI Board.We have to wait till such time.The 5 years weight age for 2001 Exit optees is not given by SBI Associates even though it is given by many Banks. Let us hope the best.

Gopalakrishnan Nair A K     

[savithry nambissan]

 In Associate Bank's circular regarding exit option-it is clearly stated that, the scheme is to provide an exit route to the eligible officers  from top executive grade spl scale 2 to JMG grade scale 1 to whom the OSR 1979 are applicable.....

As per IBA circular-2nd option is applicable to people who retired under OSR 19(1)-exit policy is as per OSR19(1)

Is there any difference?

Savithry(SBT exit policy)

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From: Manoj Kothari <manojko...@gmail.com>
To: bankpe...@googlegroups.com
Sent: Thursday, 15 November 2012 12:24 PM
Subject: bankpensioner second pension option to exit optee of asso bank of sbi

sir

pl let me know exit optees from asso bank of sbi (both officers & award staff) will eligible for second option?

manoj

[ramalingam k.k]

Dear sir,

His panic is justified. I am now to understand that some of the associate banks of SBI are writing to IBA, seeking clarification, whether this circular is applicable to Exit policy also. This is despite the following:

• The Exit option scheme is voluntary (not mandatory/compulsory)

• It is retirement under Bank's OSR 1979 (not termination/ resignation)

One of the criteria of regulation 19(1) of Associate bank's OSR  is as under :

Provided further that an officer who has completed 25years of service may be permitted by the Executive Committee to retire from the Bank's service, subject to his giving three months notice in writing or pay in lieu thereof unless this requirement is wholly or partly waived.

All the exit optees comply with this regulation as the eligibility of the scheme itself is such:

• Completed more than 25 years of service.

• Scheme approved by the Executive committee of the Bank.

• Three months notice was given in writing.

Despite the Exit policy complying to terms of the IBA circular letter dated 9^th Nov 2012, the banks want clear and unambigious instructions from IBA.

The wait and suspense continues.....................................

with regards,
ramalingam

[Manoj Kothari]

minimum service for pension eligibility is 20 yrs or 20 yers?

[NARENDER KUMAR SETHI]

Yes

[SM Esan]

Dear Sir,

I am ex Central bank of India CBIEVRS-2001 optee after completing 14 years of Service from 8.6.87 to 30.6.2001.  I am drawong defence pension for 15 years of service in IAF.

I was denied pension on the grounds that I did not complete 15 yearsof service at the time of VRS and also the second option for pension also not granted.

I request yoou kindly provide me information as to whether I can get Bank pension for 14 years service and also whether I can get my defence service merged with bank service to get one pension for 15+14=29 years service, and the procedure as well.

Thanking you

sme...@gmail.com

On Saturday, 28 July

[Gopalakrishnan Nair A.K]

Dear Mr.Ramalingam

What is the present position of 2nd option to exit optees after IBA's latest circular? Any updates?

Gopalakrishnan Nair A k

On Fri, Nov 16, 2012 at 4:26 PM, ramalingam k.k <rajk...@gmail.com> wrote:

[Nagarajan S]

IT IS A DRAGGING TACTIES BY IBA.THOUGH IBA STATED VOLUNTARY RETIREES ARE ELIGIBLE WHY THIS UNNECESSARY CONFUSION CIRCULAR STATING SECTION 19(1) the court directed the banks to pay those who have completed pensionable service under article 14 of indian constitution .I THINK THE INDIVIDUAL BANKS AND IBA WANTS TO PROLONG AS LONG AS POSSIBLE.BOTH ARE HAND IN GLOVE. WHY AIBOC IS SILENT OVER THIS MATTER.NOBODY KNOWS GOD ONLY SAVE THE SENIOR CITIZENS OF BANK RETIREES.

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[ramalingam k.k]

Dear sir,

the latest position is that the associate banks are awaiting response for their clarifications sought from IBA and central office, SBI. As far as I know State bank of mysore has recommended positively in the letter written.  In the meanwhile, they are also issuing circular on general lines as per IBA circular. We shall on receipt of the circular apply and await for the decision.(banks have 60 days to either consider or reject). But the indications are that it is going to be a positive response.

We are yet to file the execution petition on the KHC judgement and are awaiting some response from the bank before proceeding further. Bank is also yet to file an appeal to the division bench.

With best wishes for a happy, prosperous,peaceful and a spiritually fulfilling new year.

with regards,
ramalingam

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[Anil Kumar Josyula]

Friends,

At the outset, HAPPY NEW YEAR to all members of our fraternity, Hope all their pending issues start resolving this year.

 

IBA has given direction to all the banks to offer second option to VRS retirees.  However, but for a few banks, the other banks have not even issued circular in this respect.   Just fail to understand why the delay in implementing instructions given by IBA.

 

Unions must step in and get the circular issued by all banks.  It is already more than 3 years since the matter is pending, for no fault of the VRS optees/resignees and more than 3 months since the KHC judgement in favour of the leftover employees, and more than 2 months since IBA advised the banks to offer the option to VRS employees, but we are yet to see the light at the end of the tunnel.

 

Hope banks will immediately issue the circular offering second option to all the leftovers and unions will take up this issue on priority basis and expeidte the matter.

 

anilkumar josyula

VRS, PNB

[Manjit Gill]

Hi there,

 

I joined the bank in january 1974 and took voluntary retirement in May 2004 after putting more than 30 years of service at the age of 53. My releving letter states that I have releived under VRS - pension regulation 1995.

 

I enquired from my Bank and requested them to allow me 2nd pension option( for leftover) in terms of the IBA letter dated November 9, 2012 to which the Bak has denied the option on the ground that the VRS was not accepted under regulation 19(1) of 1979.

 

Can anybody tell me what is the regualtion 19(1) of 1979  in Punjab & Sind Bank because in most of the banks regulation 19(1) reads as under:

 

An officer who has completed 25years of service may be permitted by the Executive Committee to retire from the Bank's service, subject to his giving three months notice in writing or pay in lieu thereof unless this requirement is wholly or partly waived.

All the exit optees comply with this regulation as the eligibility of the scheme itself is such:

• Completed more than 25 years of service.

• Scheme approved by the Executive committee of the Bank.

• Three months notice was given in writing.

In my case, three months notice was given. VRS was allowed by the competent authority.

 

Any light on the topic will be highly appreciated.

Regards
 
Manjit Gill,

[Gopalakrishnan Nair A.K]

Dear sir

Despite all these facts the Exit optees of SBI associates are are still in uncertainty.None of the retiree aasns.and officers assns, have the least interest in negotiations with management for clarification..They are of the view that these deprived are few in No.The IBA always give the discretion to individual banks as the scheme was formulated by individual Bank'sBoard
.If things go like this we have to go legally which is costly and time consuming The pension benefit will be transferred to next generation


Gopalakrishnan Nair A K

[Prasad C N]

Dear Shri Gopalakrishnan Nair,

With whatever resources and means available with me personally and with our Organisation, Our Organisation, SBMPC is making every possible effort and extending every possible cooperation/assistance.  

All retirees organisations in Associate Banks are meeting at Bangalore either on 10th or 17th March to coordinate and take up these issues with SBI management.  I cannot speak on behalf of Officers' Associations.  But, retiree organisations like SBMPC are making efforts.

 

Thanks, a Million.

With regards,
Prasad C N

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From: Gopalakrishnan Nair A.K <gnair...@gmail.com>
To: bankpe...@googlegroups.com
Sent: Friday, 11 January 2013 10:09 AM
Subject: Re: bankpensioner second pension option to exit optee of asso bank of sbi

[Gopalakrishnan Nair A.K]

Dear Mr. Prasad

Thanks a million for your initiative and efforts.

Please note that most of the associates have already issued the circular with 2 months' time to apply for 2nd option.If their decision is negative to exit optees such  applications may be returned.As you are aware it becomes necessary to consolidate all the efforts at the earliest.

Regards

[perumal maruthu]

Dear Sri Prasadji,

One of the Associate Banks' Board is believed to have permitted one more option to the EXIT-OPTEES. Details are yet to be received.

Congratulations to You, Retirees' Forum and the Director who convinced his colleages on the Board to get this done!

Let us hope other Banks also follow this soon!

Let us also expect better sense prevails on the 4 Banks to extend the 5 Year benefit by implementing the KNHC's Verdict!

M.Perumal

From: Gopalakrishnan Nair A.K <gnair...@gmail.com>
To: bankpe...@googlegroups.com
Sent: Saturday, 12 January 2013 8:52 PM
Subject: Re: bankpensioner second pension option to exit optee of asso bank of sbi

Dear Mr. Prasad

Thanks a million for your initiative and efforts.

Please note that most of the associates have already issued the circular with 2 months' time to apply for 2nd option.If their decision is negative to exit optees such  applications may be returned.As you are aware it becomes necessary to consolidate all the efforts at the earliest.

Regards

Gopalakrishnan Nair A K  

On Fri, Jan 11, 2013 at 9:55 PM, Prasad C N <cn_pr...@yahoo.com> wrote:

Dear Shri Gopalakrishnan Nair,

With whatever resources and means available with me personally and with our Organisation, Our Organisation, SBMPC is making every possible effort and extending every possible cooperation/assistance.  

All retirees organisations in Associate Banks are meeting at Bangalore either on 10th or 17th March to coordinate and take up these issues with SBI management.  I cannot speak on behalf of Officers' Associations.  But, retiree organisations like SBMPC are making efforts.

 

Thanks, a Million.

With regards,
Prasad C N

[Vn Bohra]

Respected Prasad j

thx for yours all time efforts.

sir, i got VRS in 2001, from SBB&J after 17 years job and WAS ALREEADY A PENSION OPTEE.

bank issued now circular directiing to file 2nd option.

my bank contributon of PF, was not released saying a pension optee.

whereas those who per pf optees got both contribution.

now bank is demanidng 156% from pf optees not from me.

 

sir, the date of penson is not disclosed yet.

from which date i wll get pension ? from date of retirement i.e 1/4/2001 or it will common wef 2010, which is for pf optees.

my pf fund retained is around 3 times of 156% which they are taking back from pf optees.

supposing a sum of Rs 1/00 lac was retained then in past 15 years time it would be around 6 lac minimum, whereas they are demanindg Rs 1/56 lac now.

what will  happen to ours commutation.

please guide as a special case sir.

 

V N BOHRA

SBBJ VRS 2001 SETTLED AT JAIPUR.

vnb...@gmail.com  09414042470

[Prasad C N]

Dear Shri Bohraji,

You would pension from the date of your retirement, i.e since 2001, since you are pension optee.

 

Thanks, a Million. 

With regards, 

Prasad C N

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From: Vn Bohra <vnb...@gmail.com>
To: bankpensioner <bankpe...@googlegroups.com>
Cc: manojko...@gmail.com
Sent: Friday, 1 January 2016 1:18 PM
Subject: bankpensioner Re: second pension option to exit optee of asso bank of sbi

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