GAZETTE -AMENDMENT TO SBI PENSION REGULATIONS

[MOHAN P]

Just for information:

[SUMAN KUMAR Suman]

Dear sir  Are we resinee are eligible ble for notional 5 year for Calicute for pension. Please clarify. No Bank has issued circular for even pension for resinee s. Is it correct. When even IBA sent circular for implementation of  circular. Please clarify

 

On Wed 20 Mar, 2024, 4:54 PM MOHAN P, <moha...@gmail.com> wrote:

Just for information:

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[MOHAN P]

Mr.Suman

Allowing notional service of  5 years

is not applicable in case of eligible service to opt for pension by resigned employees. 

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[RAJU SHANMUGAM]

Dear sir 

Any news about Sri Singla's case in Supreme court

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[unmesh bhatt]

Dear Mohanji,

Would like to know if individual banks will send any communication to resignee with amount to be repaid and pension applicable upon receipt of amount? Request you to kindly clarify for doing needful please.

Regards,

U R Bhatt 

Sent from my iPhone

On 21 Mar 2024, at 10:02, MOHAN P <moha...@gmail.com> wrote:



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[MOHAN P]

Dear.Mr Bhatji,

It cannot be expected that, Individual  bank may send you any communication in this regard.

Usually the practice is that  individual banks may issue a circular on the subject,  based on Cir of IBA with a specific time frame to apply for option on pension by eligible resigned employees  with term and conditions.

So it would be ideal to approach  your bank  furnishing your contact details,and eligibility,  etc so that bank may communicate you, the process.

If you have no record on bank's portion of PF contributions with interest received at the time of exit,you may request to your bank to provide the same so that you can repay the amount within the stipulated time.

Regards,

Mohan.P

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[unmesh bhatt]

Thanks Mr.Mohanji.

God bless you.

Sent from my iPhone

On 21 Mar 2024, at 16:30, MOHAN P <moha...@gmail.com> wrote:



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[unmesh bhatt]

Dear Mohanji,

Could you kindly advise the amount that has to be paid to the bank. Is this amount received from bank (I.e. principal and interest received from bank or amount received together with additional interest till date of credit to bank) .

Your clarification will help.

Thanks 🙏.

Sent from my iPhone

On 21 Mar 2024, at 17:25, unmesh bhatt <unmesh...@gmail.com> wrote:

Thanks Mr.Mohanji.

[MOHAN P]

Dear Mr Umesh Bhat,

The bank's  portion of PF amount with interest received there on  at the time of exit is only need to be repaid.

If PF statement is available with you, pl check the amount or else get it from your bank ,if not on hand.

Regards,

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[unmesh bhatt]

Dear Mohanji,

Thank you for the clarification.

Regards,

Unmesh Bhatt 

Sent from my iPhone

On 22 Mar 2024, at 16:56, MOHAN P <moha...@gmail.com> wrote:



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[Vidyadhar Pachlangia]

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[Kalyanasundaram Raja]

Please read as “COMMUTATION” not being allowed in place of ‘computation’.

Thanks 

On Fri, 22 Mar 2024 at 10:48 PM, Kalyanasundaram Raja <rishir...@gmail.com> wrote:

When the IIND Pension Option was rolled out in 2010, IBA wrote to member banks to intimate eligible Retirees at their last known address. This wasn’t done by many of the Banks. They displayed a circular in the branches. Many eligible Retired persons, especially Subordinate Staff & many who didn’t regularly visit any branch or had remained disconnected from their ex colleagues etc got left out. The present scenario is different as information is available via social media etc. 

Once the banks receive clear instructions from IBA about the Resigned Employees T&C & eligibility conditions for exercising Pension Option, individual Banks will issue circular inviting application from Resigned Employees. Thereafter, Bank will intimate the amount to be refunded by eligible applicants. Information about the last 10 months Pay & all components of the salary that are reckoned for Pension & the Basic Pension thus derived will be individually intimated. 

The amount to be refunded will be the Banks PF contribution with the accrued interest received by the Resignees when they quit the service. Payment of any interest on this isn’t stipulated in the MOU or the AGREEMENT on this pension option to Resigned Employees. 

The Rate of Return on the amount to be refunded is attractive & all will go for it irrespective of computation not being allowed. Retiree Association of respective banks can write to the management to consider giving a loan to the Resignees to refund the Bank’s PF.

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[Kalyanasundaram Raja]

When the IIND Pension Option was rolled out in 2010, IBA wrote to member banks to intimate eligible Retirees at their last known address. This wasn’t done by many of the Banks. They displayed a circular in the branches. Many eligible Retired persons, especially Subordinate Staff & many who didn’t regularly visit any branch or had remained disconnected from their ex colleagues etc got left out. The present scenario is different as information is available via social media etc. 

Once the banks receive clear instructions from IBA about the Resigned Employees T&C & eligibility conditions for exercising Pension Option, individual Banks will issue circular inviting application from Resigned Employees. Thereafter, Bank will intimate the amount to be refunded by eligible applicants. Information about the last 10 months Pay & all components of the salary that are reckoned for Pension & the Basic Pension thus derived will be individually intimated. 

The amount to be refunded will be the Banks PF contribution with the accrued interest received by the Resignees when they quit the service. Payment of any interest on this isn’t stipulated in the MOU or the AGREEMENT on this pension option to Resigned Employees. 

The Rate of Return on the amount to be refunded is attractive & all will go for it irrespective of computation not being allowed. Retiree Association of respective banks can write to the management to consider giving a loan to the Resignees to refund the Bank’s PF.

On Fri, 22 Mar 2024 at 4:38 PM, unmesh bhatt <unmesh...@gmail.com> wrote:

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