ELIGIBILITY FOR OPTION ON PENSION TO RESIGNEEES.

[mohan p]

Dear Friends,

I am furnishing here under the original as well as corrected version of AIBEA circular for your reference.

As pointed out here by members  as per BEPR,1995 eligibility for pension is as follows;

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”

29. Pension on Voluntary Retirement.

“(1) On or after the 1st day of November, 1993, at any time after an employee has completed twenty years of qualifying service he may, by giving notice of not less than three months in writing to the appointing authority retire from service;”

So, it may be expected that, IBA/UFBU may clarify the point while seeking approval from DFS.

[Ramani Konnayar]

While Voluntary Retirement Scheme is formulated and implemented by Government, resignation is an individual's decision. So, in my view, the eligibility criteria of 20 years of service prescribed in the former for pension is most unlikely be brought down to 10 years in the latter as that would amount to a special privilege/concession extended to resignees who are not eligible for

pension, at all, as per BEPR 1995.

K N Ramani

K N Ramani

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[R Balaji]

as per my understanding the resignation will be treated only as voluntary retirement and not on superannuation.

Only on superannuation minimum service for pension is 10 years.

[Kalyanasundaram Subramaniam]

As per clause 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.

Nowhere it is mentioned that only for superannuation the minimum service for pension is 10 years. Please explain what is the basis for your interpretation. 

Regards.

S Kalyanasundaram 

[Narayanan Venkateshwaran]

Voluntary retirement is planned one.where as resignation need .not be.

A voluntarily retired is treated as ex employee for some of fringe benefits.It is not  so for retired.

The resignees may not be that much in number.

After having announced the scheme for resignees with fanfare .excluding a few on frivolous grounds does not stand to reason . otherwise the excluded category should have been mentioned  at the first place.Does it sound fair to wake up a man fast asleep with hunger pangs and telling him that there is no food for him.The sheen of the scheme will be otherwise lost

C V narayanan

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[JSOMA SHEKARA]

As per my understanding recently DFS in consultation with IBA taking pensioners  issues decisions and Issues are not negotiated with UFBU. But as per  prevailing system UFBU asked to sign minutes.

So let us wait for notification from DFS on resignees pension option to get clarity on terms and conditions.

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[Perianayagam velu]

Ten years service

 For retirees retiring on supernation and not for resingnees

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[Kalyanasundaram Subramaniam]

Persons who have opted for pension can voluntarily retire. 

Persons who are not under Pension scheme can only resign. 

VRS 2001 was a differnt matter as it was a special scheme. 

When pension regulation is clear that one is eligible for pension with 10 years of service, seeking 20 years of service for resignees will be contrary to regulation and also signed MOU (MOU does not have any such clause).

"It is settled law that when financial rules framed by the Government such as Pension Rules are capable of more interpretations than one, the Courts should lean towards that interpretation which goes in favour of the employee.", (Supreme court https://www.verdictum.in/court-updates/supreme-court/pension-rules-must-favor-employee-1439669

S Kalyanasundaram

[Ramani Konnayar]

Retirement means 'retirement on superannuation' unless otherwise stated such as 'voluntary retirement', 'compulsory retirement', etc., 

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[Kalyanasundaram Subramaniam]

What is the basis of your statement? Which clause of Pension regulation says so?

S Kalyanasundaram 

[krishna mohan nidumolu]

This is as per UBI pension regulations

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