Pension for resignees with service less than 20 years

[R.K. Pathak]

Dear Sir,

In a recent communication from Ministry of Finance to a parliamentarian, stated as under:-

"As regard to payment of pension to resigned employees who have completed 15 years of service, it is to inform that Banks, being the board governed commercial entities, have considered 20 years as the qualifying service for the resigned employees to be eligible for pension in line with the eligibility service criteria laid down in Regulation 29 (Pension on voluntary retirement) of the BEPR as it is the only class of pension wherein the employee opts to leave the bank by serving due notice".

This is for information only.

Thanks & Regards

Pathak R K

[Sudesh Kumar Kalra]

So what about notional service period of 5 yrs.benefit

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[Arun Sharma]

I resigned in 1988 after working as staff officer for 17 years and 11 months. Bank replied to me that I have 18 and half year of service and not eligible to opt for pension.  

Fact is, when I resigned, there was no pension scheme. First circular issued by banks regarding pension benefits was released in the year 1993 making pension benefits effective from 1-1-1986. 

Had I known that a minimum service of 20 years is needed to get pension benefits, I could have waited and continued my service for another two more years. 

At this moment, I see no hope for any positive response, as per directives issued by IBA to all PSB's. 

Arun S.