commercial employement after retirement

[satyendra]

I wish to draw your kind attention to the clause in the VRS sanction
letter " this acceptance does not permit you to take up the commercial
employment without the permission of the competent authority, after
retirement as per the rules and regulation in force"

All are requested to share their views as to what does effect if a
retired employee has undertaken a commercial employment in particular
in the financial institution after 3 years of his VRS.

Whether is there any ruling in this regard and can it effects the
pension payment.

I hope that every one will share his view as this may effects a lot of
employees who have taken commercial employment after VRS without the
permission of their bank management.

Thanks

[PM]

As per Pension Regulations, if a pensioner who immediately before his
retirement was holding the post of an officer and wishes to accept any
commercial employment before the expiry of
two years from the date of his retirement, he shall obtain the
previous
sanction of the Bank to such acceptance;
Subject to the provision of regulation the Bank may, grant or refuse
by order in
writing for reasons to be recorded in the order, permission to such
pensioner to take up the
commercial employment specified in the application.

In granting or refusing permission to a pensioner for taking up any
commercial employment, the Bank shall have regard to factors,
namely:-
The nature of the employment proposed to be taken up and the
antecedents of the employer;
Whether his duties in the employment which he proposes to take up
might be such as to bring him into conflict with the Bank;
Whether the pensioner while in service had any such dealing with the
employer under whom he proposes to seek employment as it might
afford a reasonable basis for the suspicion that such pensioner had
shown favours to such employer;
Whether the duties of the commercial employment proposed involve
liaison or contact work with Bank;
Whether his commercial duties will be such that his previous official
position or knowledge or experience under Bank could be used to give
the proposed employer an unfair advantage;
the emoluments offered by the proposed employer; and
any other relevant factor.
If any pensioner takes up any commercial employment at any time before
the expiry of two years from the date of his retirement without the
prior permission or commits a breach of any condition subject to which
permission to take up any commercial employment has been granted to
him under this rule, the competent authority may declare by order in
writing and for reasons to be recorded therein that he shall not be
entitled to the whole or such part of the pension and for such periods
as may be specified in the order :

Here also following factors will be taken into account.
The financial circumstances of the pensioner concerned;The nature of,
and the emoluments from the commercial employment taken up by the
pensioner concerned; and any other.
Regulations are not against taking up jobs after retirement,but to
abide certain guidelines if it comes within a stipulated time frame.

[R Balaji]

The restriction is only for 2 years and not there after.
Balaji

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[HEMANT DESAI]

Dear All. If not mistaken the permission is required only in a co with whom bank is having bussiness relations. Hemant Desai
On Mon, 18 Oct 2010 14:31:14 +0530 wrote

[Rajagopal Shankaranarayana]

Dear All,

 

It is restricted for 2 years from the date of retirement. Even if the bank rejects and the retiree takes an employment, they can only stop DA on basic pension within that period and nothing more.

 

Regards

R.Shankaranarayana
Manager - Internal Audit


Be Confident. Try & Try till you succeed in Life.

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[venugopal cheriyachanaseril]

True, Restriction on commercial employment is for two years and not three years

Venugopal