IBA CIRCULAR ON REVISED PENSION TO POST 1.11.2012 RETIREES
PM
HR & INDUSTRIAL RELATIONS
No.CIR/HR&IR/2015-16/XBPS/ G2/851June 4, 2015
Designated Officers of Member Banks
which are parties to the Bipartite Settlement
Dear Sirs,
Revision in Pension of employees who retired on or after
01/11/2012 consequent upon the wage revision as per 10th
Bipartite Settlement and Joint Note dated 25.5.2015
Please refer to our letters No.CIR/HR&IR/XBPS/803 dated 25th May 2015 with regard to wage revision to Award Staff/Officers respectively in terms of Bipartite Settlement/Joint Note dated 25th May 2015.
Consequent upon the above wage revision, the pension, dearness relief, family pension, minimum pension, etc., payable in respect of those employees who ceased to be in service on or after 1.11.2012 and are eligible for pension, need to be revised. We give below for your guidance, the details in this regard.
(I) PENSION
The basic pension will be revised on the basis of the revised pay w.e.f. 1.11.2012.
(II) DEARNESS RELIEF
The dearness relief shall be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 4440 points in the monthly average of All India Consumer price index for Industrial Workers in the series 1960 = 100 at the rate of 0.10 per centper slab on the basic pension.
(III) FAMILY PENSION
In respect of employees (other than part-time employees) who retire/retired from service on or after 1.11.2015 the ordinary rate of pension shall be as under:
|
Scale of pay per month |
Amount of monthly family pension |
|
Upto ₹11,100 |
30 per cent of the ‘pay’ subject to a Minimum of₹2,785 per month. |
|
₹11,101 to ₹22,200 |
20 per cent of the ‘pay’ subject to a Minimum of₹3,422 per month. |
|
Above ₹22,200 |
15 per cent of the ‘pay’ subject to a Minimum of₹4,448 per month andMaximum of ₹9,284 per month. |
Note:- In the case of part-time employees, the minimum amount of family pension and the maximum amount of family pension shall be in proportion to the rate of scale wages drawn by the employee.
(IV) MINIMUM PENSION
In respect of employees other than part-time employees, who retired on or after 01/11/2012, the amount of minimum pension shall be ₹2,785 p.m. In respect of part-time employees who retired on or after 01/11/2012, the minimum pension payable shall be₹932 p.m. in respect of part-time employees drawing 1/3 scale wages, ₹1,397 p.m. in respect of part-time employees drawing ½ scale wages and ₹2,096 p.m. in respect of part-time employees drawing ¾ scale wages.
Pending amendments to Bank Employees Pension Regulations, 1995, bank may compute pension as above. Before, however, giving effect to the revised pension, a suitable undertaking may be obtained from the pensioners as well as from family members/nominees, to enable the pension fund to make adjustments, if any, at a later date.
Member banks may please be guided as above.
Yours faithfully,
K Unnikrishnan
Deputy Chief Executive
Sathya r
Visit our blog site http:://bankpensioner.blogspot.com
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L S RAMAN
Vidyadhar Pachlangia
V D Pachlangia
9829266922
01412230790
PM
INDIAN BANKS ASSOCIATION
HR & INDUSTRIAL RELATIONS
No.CIR/HR&IR/G2/2015-16/874
June 8, 2015
Designated Officers of Banks which are parties to the 10th Bipartite Settlement/ Joint Note dated 25.05.2015
Dear Sirs/Madam
Pay for the purpose of Pension in terms of Bank Employees’ Pension Regulations
We have been receiving queries from Banks as to how the average emoluments of employees retired between 1-11-2012 and 31-7-2013 has been arrived at as these employees were governed by the pay scales prevalent during 1-11-2007 to 31-10-2012 and 1-11-2012 onwards during the 10 months preceding their retirement.
The calculation of average emoluments and Basic Pension in respect of the employees retired between 1.11.2012 and 31.7.2013 is as given in Annexure A. This adjustment is required as the employees who retired from services on or after 1.11.2012, the Dearness Relief they will be getting along with basic Pension shall be the Dearness Relief payable over and above 4440 points in the All India CPI 1960=100.
Yours faithfully,
K S Chauhan
Senior Vice President
Encl.
Annexure A
(Enclosure to Circular No.CIR/HR&IR/G2/2010-11/874 dated June 8, 2015)
Computation of Average Emoluments for calculating pension of employees retired between 1.11.2012 to 31.7.2013 for the preceding 10 months of retirement
(Model Calculation for an officer employee retired on 31.3.2013 having 33 years of qualifying service with Basic Pay of Rs.42,020/- as on the date of retirement)
|
|
|
(Rs.) |
|||
|
1. |
For the period of service prior to 1.11.2012 (i.e. from 1.6.2012 to 31.10.2012 (5 months)
|
||||
|
|
(a) |
‘Pay’ as in Bipartite Settlement / Joint Note dated 27.4.2010 |
25700 x 5 = 128500.00 |
||
|
|
(b) |
Dearness Allowance payable @ 0.15% for every slab of 4 points over and above the Index numbers 2836 points and upto 4440 points in All India CPI 1960=100
(4440 - 2836 = 1604/4 = 401 slabs X 0.15 i.e 60.15% ) |
15458.55 x 5 = 77292.75
|
||
|
|
|
Total of (a) and (b) above |
205792.75... (A) |
||
|
2. |
For the service rendered on or after 1.11.2012 upto the date of retirement, Corresponding revised i.e. 31.3.13 (5 months)
|
||||
|
|
(a) |
‘Pay’ as in Bipartite Settlement/Joint Note dated 25.5.2015 |
42020 x 5 = 210100.00...(B) |
||
|
|
|
Total of (A) and (B) |
415892.75…(C) |
||
|
|
|||||
|
3. |
Average emoluments for the preceding 10 months of retirement |
415892.75 = 41590.00…(D) 10
|
|||
|
4. |
Basic Pension in terms of Regulation 35(2) of the Bank Employees’ Pension Regulations |
=50% of 41590 x 33 = 20795 33
|
|||
Example: A Clerk retired in March, 2013 at the Basic Pay of Rs. 24900
( his revised Basic Pay under 10th BPS is Rs. 40,710)
|
|
Basic pay under 9th BPS |
DA at 4440 points i.e. 60.15% |
Notional Basic Pay |
|
JUNE 2012 |
24900 |
14977 |
39877 |
|
JULY 2012 |
24900 |
14977 |
39877 |
|
AUGUST 2012 |
24900 |
14977 |
39877 |
|
SEPT. 2012 |
24900 |
14977 |
39877 |
|
OCT. 2012 |
24900 |
14977 |
39877 |
|
NOV. 2012/10th BPS |
|
|
40710 |
|
DEC. 2012 |
|
|
40710 |
|
JAN. 2013 |
|
|
40710 |
|
FEB. 2013 |
|
|
40710 |
|
MARCH 2013 |
|
|
40710 |
|
|
402935 |
||
|
10th Average |
40294 |
||
|
Revised Basic pension – 50 % Rs. 40294 |
20147 |
||
|
Basic pension under 9th BPS – 50 % Rs. 24900 |
12450 |
||
|
Commutation under 9th BPS (1/3) |
488540 |
||
|
Commutation after wage revision |
790570 |
||
Note: Those drawing Special Pay, PQP, FPP, etc. the same method is to adopted by including those items under Pay and adding 60.15 % of DA to arrive at notional Pay
SUNDAR RAJ R
Sir I need a clarification with regard to family pension calculation:
My basic pay inclusive of PQA&FPA Rs.58870/-(revised pay)
For calculating family pension whether revised gross basic taken into account or eligible pension basic amt alone taken and whether any DA payable thereon or it is a fixed amount.
Kindly give me details in this regard
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PM
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