IBA LETTER TO BANKS ON OPTION ON PENSION TO RESIGNEES

[MOHAN P]

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

[unmesh bhatt]

Thanks Mr. Mohan.

15 years of service will do right? Will bank provide amounts to be deposited?

Would appreciate if you could advise the same.

Regards,

Unmesh 

Sent from my iPhone

On 16 Mar 2024, at 17:28, MOHAN P <moha...@gmail.com> wrote:



Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--
Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAMCbyDQ%2BzQ1KKu2P9Hg9xRu6y_MkGmLhDE8H%3DOGLdPMR6Z6Gtw%40mail.gmail.com.

<Option for Resignees_IBA letter 16032024.pdf>

[MURALIDHARA E.V. EYUNNY]

Atlast recd approval. Thank you sir

Yahoo Mail: Search, organise, conquer

On Sat, 16 Mar 2024 at 17:20, MOHAN P

<moha...@gmail.com> wrote:

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--

[ramachandran ramu]

Jaimataki. Great News.

Hats  off  to  Entire R B E W A  TEAM.

On Sat, 16 Mar, 2024, 5:20 pm MOHAN P, <moha...@gmail.com> wrote:

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--

[Vvns Varaprasadrao]

Who were otherwise eligible to join the pension scheme : What is the eligibility according to this phrase ?

On Sat, 16 Mar 2024, 5:20 pm MOHAN P, <moha...@gmail.com> wrote:

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--

[Visvam Ambattur]

Thank you very much Sir, for sharing this greag update on long-awaited approval for pension option for resignees.

Now, eligible and interested resignees can approach respective banks, I hope. 

Regards,

RamS

On Sat, Mar 16, 2024, 7:50 AM MOHAN P <moha...@gmail.com> wrote:

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--

[JSOMA SHEKARA]

Good news.

On Sat, Mar 16, 2024 at 5:20 PM MOHAN P <moha...@gmail.com> wrote:

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--

[Lingan Ramalingam]

Dear mohan sir,a person not at all opted for pension scheme ,is now getting  chance to join, where's a person opted for pension and. put more than 15 years of service and so far not received banks contribution of pf is not eligible.kindly claify sir

On Sat, Mar 16, 2024, 17:20 MOHAN P <moha...@gmail.com> wrote:

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--

[Udayachander Joshi]

Sir,

Why the unions are not announcing the offer? they are keeping quiet is there any problem. Regards

udayachander  

On Sat, Mar 16, 2024 at 5:20 PM MOHAN P <moha...@gmail.com> wrote:

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--

[Raghunathan D S]

The IBA simply closed it's eyes conveniently negletting Pvt sector banks like KVB etc. What is the fate of merged banks e lvbwas a party then for settlement.they now are merged with DBS bk. IBA should send due circular unless otherwise we the members resignees will have to keep our fingers crossed. Many a slip between the cup and lip.  It is now in IBA'S court and this only hurdle if cleared could see us getting our long prayed benefit.

Pl let us pray for better sense prevailed for IBI

Raghunathan

e Lvb resigned officer now merged with DBS.

On Sat, 16 Mar 2024 at 5:20 PM, MOHAN P <moha...@gmail.com> wrote:

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--

[Kalyanasundaram Subramaniam]

Please see the following clause in the Regulation: 

14. Qualifying Service:- Subject to the other conditions contained in these regulations, an employee who has rendered a minimum of ten years of service in the Bank on the date of his retirement or the date on which he is deemed to have retired shall qualify for pension.

Hence it should be extended to persons who had put in 10 years of service. 

S Kalyanasundaram

[Suresh Hariharapura]

Thanks for the great news. Thanks for all the office bearers of the union who fought for our cause, as I never expected that we get an option after several years.

Regards,

Suresh 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CANfG1axh-jWW28EAQpN-8Pap9GAAFzp%2BdQ6N8YvyO%3Ds3CD3wQg%40mail.gmail.com.

[Ramani Konnayar]

I think, it is 20 years as mentioned by AIBEA in one of their communications on the subject. (Originally, they had, by mistake mentioned it as 10 years in their communication but issued a fresh one immediately). 

As far as I know, only some specific categories such as incapacitated employees are eligible for pension on resignation after 10 years of service. 

For others, 20 years service is required which is the same prescribed for exit under Voluntary Retirement Scheme. 

K N Ramani

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAFwtfmfhaB7xNEXaMSm6QDhUbWW_CwWeU-K69cYPc-5BR_u_-w%40mail.gmail.com.

[Visvam Ambattur]

Thanks to Mr.RN Pathak and other great leaders who fought for this, no enough words to thank.

God bless them

Regards,

On Sat, Mar 16, 2024, 7:50 AM MOHAN P <moha...@gmail.com> wrote:

Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995

--

[Arun Sharma]

it would be interesting to know how many years of service eligibility criteria is required to exercise option by the resignees bank employees.?

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CANfG1axh-jWW28EAQpN-8Pap9GAAFzp%2BdQ6N8YvyO%3Ds3CD3wQg%40mail.gmail.com.

[Mohan Ramaswamy]

Dear Mr.Mohan sir,

This is a great news. But still need some clarification. I joined SBI in June 1984 and resigned in December 1999 after putting in 15+ years with pensionable service. just want to know if my case also eligible for pension. Appreciate your help!

Best Regards,
Mohan Ramaswamy

[MOHAN P]

Dear Mr Mohan Ramaswamy,

As I have mentioned earlier,MOU only states as follows:

"Extending an option of pension to the resignees' who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension Regulations, 1995"

Pension Regulation says 10 yrs for eligible for pension ,And 20 years for VRS.

So wait for bank's cIrcular.Hope for the best.

Regards

Mohan.P

--

Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/ec714d33-2d7b-44dc-b29c-bf601264911en%40googlegroups.com.

[R Balaji]

this will apply for superannuation retirees and not for earlier retirees under VRS

Now resignees are  treated as earlier retirees under VRS they  have stipulated 20 yrs

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/75c5e7ba-6bed-42e9-b5a7-39a9f26e0da7n%40googlegroups.com.

[Ramani Konnayar]

I think you are 100% right. Some specific categories of employees mentioned in one of my earlier mails are only eligible for this. 

K N Ramani

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAEcVb8CnW4KE1wryr7i-mh9AaWK85HjgZ7KN3ZpxF_QP-%2BHK8Q%40mail.gmail.com.

[Kalyanasundaram Subramaniam]

Mr R Balaji

Nowhere it is stipulated that 10 years eligibility for pension is for superannuation retirees. 

Please see the MOU signed now or the Joint Note or the IBA proposal to the Government or the clearance from the Government. At all these documents, it is nowhere mentioned that the eligibility is 20 years. It is simply mentioned that the person should be otherwise eligible to join pension scheme, which is 10 years as per Regulation. These people have not gone on VR. Hence invoking 20 years eligibility will be simply arbitrary. 

Special VR Scheme of 2001 has allowed people to leave with golden handshake and the eligiblity was only 15 years. Those people have been provided with second option for pension. Hence not allowing resignees for second option itself was an unjustified act. 

Now again there will be injustice, if the MOU/Joint Note/Government sanction is wrongly interpreted. 

The status of resignees is not altered to Voluntary Retirees by the present MOU or Joint Note. Then how the clause applicable for VR should be invoked here?

S Kalyanasundaram 

[Arun Sharma]

It is unfair to the employees who have completed 18/19 years of service. If they had known that 20 years of service was going to be a criteria to opt for pension benefits, most of them would have tried to stay in service for an additional couple of years to become eligible to opt for pension. Our respected leaders must represent genuine demand and submit and address  appropriate levels 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAEcVb8CnW4KE1wryr7i-mh9AaWK85HjgZ7KN3ZpxF_QP-%2BHK8Q%40mail.gmail.com.

[R Balaji]

Dear Sir

as per your interpretation resignees completed 10 yrs of service are eligible if they are not treated as VR optees.

we have to wait and see what they  are going to do

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/5f8e619c-2f20-4d29-adf8-1da52287435an%40googlegroups.com.

[unmesh bhatt]

Those who have resigned before 15 years interest will be so much more that it will not make sense. One must look into this.

Sent from my iPhone

On 19 Mar 2024, at 15:44, R Balaji <rbal...@gmail.com> wrote:



To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAEcVb8BYz11xOdrVX1V5RVH4Sm30nnvoqG_H_H01O-gL1wv_rA%40mail.gmail.com.

[unmesh bhatt]

Pension is not retrospective. 

Sent from my iPhone

On 19 Mar 2024, at 16:19, unmesh bhatt <unmesh...@gmail.com> wrote:

Those who have resigned before 15 years interest will be so much more that it will not make sense. One must look into this.

[Ashok Shrikhande]

Sir

The interest amount received on the date of exit is to be refunded.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/96D1F77B-915D-49FC-8603-0BBFABEE9C54%40gmail.com.

[Ramani Konnayar]

It is observed that this issue, which they should be well aware of, has not been mentioned at all by AIBRF in their latest communication on the subject. Perhaps, they are in agreement with the contention that 20 years of service is required. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAEcVb8BYz11xOdrVX1V5RVH4Sm30nnvoqG_H_H01O-gL1wv_rA%40mail.gmail.com.

[Kalyanasundaram Subramaniam]

They have to refund only the PF along with whatever interest they have received. There is no further interest. 

S Kalyanasundaram

[Narayanan Parthasarathy]

Sir,

We have to refund 50% of the amount (which includes Bank’s contribution, employee’s contribution and the total interest) received at the time of our resignation.

G P Narayanan 

Sent from my iPhone

On 20-Mar-2024, at 9:37 AM, Kalyanasundaram Subramaniam <1952...@gmail.com> wrote:

They have to refund only the PF along with whatever interest they have received. There is no further interest. 

You received this message because you are subscribed to a topic in the Google Groups "bankpensioner" group.
To unsubscribe from this topic, visit https://groups.google.com/d/topic/bankpensioner/FX4WqKk6tGU/unsubscribe.
To unsubscribe from this group and all its topics, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/13ed781f-e15a-49f6-b37d-2762407995aan%40googlegroups.com.

[kds nair]

IBA instructions are out.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKcPo_y8xmGTtUooQ%2B5Y1t3n8M%2B43xR-kFV4H%3DE35Kd83K%2BU9A%40mail.gmail.com.

[Mohan Ramaswamy]

Dear Mr Mohan Sir,

Any update on the minimum 15 years of pensionable service of SBI resignees? 

Best Regards,

Mohan Ramaswamy

[MOHAN P]

Mr Mohan Ramaswamy,

Please get in touch with your bank, to obtain Circular  issued by bank, in connection with option on pension to resigned employees.

Regards,

Mohan.P

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/0b6f7654-1dce-4a82-88f8-dc1625c282bfn%40googlegroups.com.

[MURALIDHARA E.V. EYUNNY]

Mohan sir, whether can we get leave encashment?

Yahoo Mail: Search, organise, conquer

https://groups.google.com/d/msgid/bankpensioner/0b6f7654-1dce-4a82-88f8-dc1625c282bfn%40googlegroups.com

.

[Ravi Kumar]

I give below the relevant portion from SBI Pension regulation

Eligibility for pension

1. A member of the State Bank of India Employees’ Pension Fund shall be 

entitled for pension under Rule 22 (i) while retiring from the Bank’s service:

a. After having completed 20 years’ pensionable service provided 

that he has attained the age of 50 years; or

b. If he is in the service of the Bank on or after 01.11.1993 after 

having completed 10 years pensionable service provided that he 

has attained the age of 58 years. Further, if he is in the service of 

the Bank on or after 22.05.1998, after having completed 10 years’ 

pensionable service provided that he has attained the age of 60 

years.

c. After having completed 20 years’ pensionable service irrespective 

of the age he shall have attained, if he shall satisfy the Authority 

Competent to sanction his retirement by submitting approved 

medical certificate that he is incapacitated for further active 

service.

d. After having completed 20 years pensionable service, irrespective 

of age he shall have attained, at his request in writing, if accepted 

by the Competent Authority with effect from 20th September 

1986.

e. After having completed 25 years’ pensionable service.

Hence, those with at least 20years of service  will be eligible for pension.

The explanation regarding 10 years of service being eligible for pension is given in sub section (b)

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/0b6f7654-1dce-4a82-88f8-dc1625c282bfn%40googlegroups.com.

[Ravi Kumar]

Dear sir

Resigned staff with 20 years service is eligible for pension. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/0b6f7654-1dce-4a82-88f8-dc1625c282bfn%40googlegroups.com.

[kalyanam rajagopal]

DFS communication is with regard to PF opted resignees with eligible service for exercising option to join the pension scheme. This is not applicable to  those who were already in the pension scheme and yet resigned for want of qualifying service/ eligible service .