BOM circular for Resignees Pension

[Kalyanasundaram Subramaniam]

BOM circular attached. 

I do not know wherefrom they have taken 20 years service as eligible condition (which they have underlined). 

It is not there in the MOU or in the IBA's proposal to Government or in the Government's clearance. All that is mentioned is "who were otherwise eligible to join the pensions scheme while in service".

Regulation mentions 10 years as qualifying service. 

Affected persons from BOM must find out wherefrom the bank has put this condition and try to convince the bank to make it 10 years service. 

It is also difficult to comprehent when AIBEA circular says that the details of the scheme for giving option to resignees will be finalised by IBA/Unions and then circulated in their circuar dated 30 03 2024, how BOM has issued this circular. 

S Kalyanasundaram 

[Ashok Shrikhande]

Dear Sir

It is common for all banks. 20 years service is mandatory.

--
Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/37d37555-ceba-4301-9750-aff8bf2824f2n%40googlegroups.com.

[unmesh bhatt]

Yes dear,

Instead of clarifying individual banks this has to be taken up by AIBEA and other all unions not only with IBA, MINISTRY OF FINANCE but to see that this is communicated to all individual banks, who shall issue same guidelines.

Thanks,

Unmesh Bhatt 

Sent from my iPhone

On 1 Apr 2024, at 09:24, Kalyanasundaram Subramaniam <1952...@gmail.com> wrote:

BOM circular attached. 

--

Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/37d37555-ceba-4301-9750-aff8bf2824f2n%40googlegroups.com.

<BOM Circular for Resignee Pension.pdf>

[Kalyanasundaram Subramaniam]

Mr Ashok Shrikhande

Please let us know what is the basis of your statement that 20 years service is mandatory. Please let us know which clause of MOU or IBA's letter to banks contains such a condition. 

S Kalyanasundaram 

[unmesh bhatt]

I thought it was only 10 years of active service

Sent from my iPhone

On 1 Apr 2024, at 16:14, Ashok Shrikhande <asho...@gmail.com> wrote:



To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAB5i73Sjr46_iWn_oTd%3Db4vBGj4QHkp1iueeNyiZTk8KXip3Bw%40mail.gmail.com.

[Ramani Konnayar]

The following are my views on the subject. 

In terms of BEPR 1995, Pension is normally payable only on retirement on attaining the age of superannuation. 

However, even in such cases, a minimum service of 10 years is prescribed to become eligible for pension. 

The above rule is to benefit the following categories of employees who retire on superannuation or ahead of it. 

a) those who become incapacitated to continue in service due to any reason. 

b) those who are compulsorily retired by the bank due to any reason. 

c) ex-servicemen and specialist categories of employees who are recruited much later in their lives by relaxing the maximum age limit for recruitment applicable for general categories. 

Under Voluntary Retirement Scheme which is part of BEPR 1995, a minimum of 20 years' service is stipulated to become eligible for pension and a weightage of 5 years is given to calculate the proportionate (full pension is applicable for 33 years)pension.

Under SVRS 2001, the minimum service was reduced to 15 years (perhaps with a view to reduce the workforce as much as possible) but the 5 years weightage was originally denied. However, this was later conceded after a Court judgement. 

The MOU relating to the matter has not dealt with this matter elaborately and simply stated that eligibility is subject to satisfying the conditions contained in Pension Regulations. 

It appears that under this scheme, the resignees have been treated on par with those under Voluntary Retirement Scheme which is still in force but there is no mention about applicability of the weightage of 5 years. 

Under these circumstances, the eligible service for resignees getting reduced to 10 years seem remote, unless they are treated above par than VRS retirees. 

K N Ramani

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAB5i73Sjr46_iWn_oTd%3Db4vBGj4QHkp1iueeNyiZTk8KXip3Bw%40mail.gmail.com.

[Arun Sharma]

Hi

20 years of eligibility criteria for Resignees will be injustice to employees who completed between 10 to 20 years, particularly to those who have 18/19 years of service. This should be considered and addressed by Bank Unions and IBA to cover such employees for this great achievement. of pension option for resignees employees. there are thousands that fall under this category. Thanks

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/45D79E4C-322F-4349-A293-12BA5743FCB3%40gmail.com.

[kalyanam rajagopal]

Resignation is nothing but voluntary exit.  Pension Regulations provide for voluntary retirement pension as per Reg 29. The Minimum services 20 years qualifying service. These Resignees, having completed 20 years of service, were eligible for pension option in terms of Joint Note dt 27.04.2010 but for the word “Resignation” used in their retirement application. They had to use the word resignation, in the absence of rule or Regulation in the service conditions for voluntary retirement on completion of 20 years of service on par with pension opted . Their exit is in essence voluntary retirement. That is the rationale in adopting eligible service as 20 years of service. Other Banks also follow suit  

[unmesh bhatt]

Agree 

Sent from my iPhone

On 2 Apr 2024, at 09:36, kalyanam rajagopal <kalyan...@gmail.com> wrote:

Resignation is nothing but voluntary exit.  Pension Regulations provide for voluntary retirement pension as per Reg 29. The Minimum services 20 years qualifying service. These Resignees, having completed 20 years of service, were eligible for pension option in terms of Joint Note dt 27.04.2010 but for the word “Resignation” used in their retirement application. They had to use the word resignation, in the absence of rule or Regulation in the service conditions for voluntary retirement on completion of 20 years of service on par with pension opted . Their exit is in essence voluntary retirement. That is the rationale in adopting eligible service as 20 years of service. Other Banks also follow suit  

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/6b258d10-1f80-4ad7-82ee-fee3f180e86en%40googlegroups.com.

[Ramani Konnayar]

MOU relating to pension option for resignees was entered into between Banks(represented by IBA) & UFBU. 

Hence, I think, they are better placed/equipped than anybody else to interpret the pension regulations with regard to minimum service requirement

for resignees. 

I also fully endorse the views expressed by Mr. Kalyanam Rajagopal in this regard

viz., resignation is nothing but voluntary exit/retirement.

So, the pension regulations will have to be amended accordingly, if resignees with 10 years of service are to become eligible for pension. 

K N Ramani

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/3c0a4823-03dc-4ec2-9770-2da2cc31ef93n%40googlegroups.com.

[Mohammed Alam Jeddah]

For resignees, it should be  10 years of pensionable service as per Pension regulation. Bank management need to be pressurized to issue clarification regarding the same. After all, people that would get the benefit may not be large and thus would have minimal financial impact on the banks. The amount of pension for such 10 years eligible persons may also be nominal.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/9C995847-52AF-40B2-AA53-94F67FE4909F%40gmail.com.

[Visvam Ambattur]

Dear Mr Mohan,

Per BOM circular, branch manager's attestation is needed on form(s) to be submitted by resignees.  This is fine for many resignees living in India.

For USA resignees, do you know if notary public's attestation will be accepted?

Thanks and regards, 

RAMACHANDRAN (PNB Resignee)

--

[SUMAN KUMAR Suman]

AS  IS  MENTIONED  20  YEARS   ONLY   FOR  VRS   PEOPLE

ONLY   WHERE   IS  THE  WORD   FOR   AWARD STAFF  EVEN  THEY  MENTION VRS

ITS   SUGGESTED  TO USE   ONLY   -RESIGNED  as   per     SUGGESTION

BUT   THEY   TOOK  TO VERIFY  ONE   MONTH   NOTICE   

  FOR   AWARD STAFF  and  TO   OFFICER CADRE     3 MONTHS

NOW   POINT  IS 

AS  ITS   FOLLOWED   BY   AWARD STAFF   ARE   THEY  

ELIGIBLE.  

BECAUSE   SOME  UNKNOWN  ELEMENTS  SAYS   ONLY   VRS   HOW   ABOUT   AWARD STAFF  THERE BIS NO WORD  VRS   FOR   AWARD STAFF  WHO   ARE   MAIN   CARRIERS THE  STONES  TO BUILD  THE BANKS  NOT

ANY  OTHER  S. WHEN  NO  LABOURS ARE  THERE  WHERE COME THIS SUPERVISORS I MEANS  TO SAY OFFICERS

WHEN  THEY ARE  ONLY  ELIGIBLE   WHATS  THIS   AFTER  RETIREMENT  ONE  N ALL  EQUAL

HOW   DOES THIS  MISCREANTS  SAY   ONLY   VRS  PEOPLE   ELIGIBLE. LET  THEM  SHOW   IT IN CIRCULAR  

ONLY  VRS  STAFF  ONLY  ELIGIBLE    DOES  THEY  KNOW   WHAT  KNOWLEDGE  THEY   GOT  .

EX  ONE   OFFICER   IN HIGH POSITION   FIGHTING   FOR   FPA   HE  DOESN'T KNOW WHAT  FPA  IS  MOST PROBABLY  MANY  DOES  NOT  KNOW   FPA  I DON'T  WANT EPLINE

THEY  ARE   SUCH   HIGHER  UPS

SO  MY  QUESTION   IS   STRITE

AWARD STAFF  WHO   COMPLETED  20 YEARS  BY  USING    AS  THERE IS  NO  OPTION  ARE  ELIGIBLE

SORRY  FOR  MY  OUTCRY   BECAUSE DUE TO MISCRATES  CREATES LIKE THIS  PROBLES

CAN   ANY  BODY CLARIFY  IT

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKcPo_y3e9870nHY7d9hTLjW3m3FzOn5SU9KH6hRMhwtO_9ThQ%40mail.gmail.com.

--

suman.

[Kalyanasundaram Subramaniam]

I have submitted an application under RTI as per attachment. 

S Kalyanasundaram 

[kalyanam rajagopal]

What is envisaged in MOU dt 09/11/2023 is extending AN OPTION OF PENSION TO THE RESIGNEES’ WHO WERE OTHERWISE ELIGIBLE TO JOIN PENSION SCHEME WHILE IN SERVICE.  It is not meant for those who were already in the pension scheme and resigned for want of qualifying service of 20 years . Hence, the question of consideration of  cases of less than  20 years of service does not arise. 

Broken period of service : The amended provision  of Regulation 18 is applicable to  all those who ceased from service after the Gazette Notification. 

For those who ceased from service prior to Gazette notification, it’s  application  depends on the interpretation of the amended provision - whether the amendment is a declaratory or clarificatory. That is only settled by courts. Two cases decided in favour of the employees pertain to the pre-amended  era. The present issue is related to to join the scheme. It is a ticklish issue . If you have qualifying service of 20 years only , you are allowed to join the scheme.  For those with 19  years and 183 days, it is an issue of interpretation of a provision. Even if one case is decided favourably , all similarly placed will get the benefit. 

--

Visit our blog site http:://bankpensioner.blogspot.com
---

You received this message because you are subscribed to a topic in the Google Groups "bankpensioner" group.
To unsubscribe from this topic, visit https://groups.google.com/d/topic/bankpensioner/jUGnN_Ug1Dk/unsubscribe.
To unsubscribe from this group and all its topics, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/03c35b55-cfd2-413c-83c4-4a096a28dd92n%40googlegroups.com.

[Kalyanasundaram Subramaniam]

You have written "It is not meant for those who were already in the pension scheme and resigned for want of qualifying service of 20 years "

They have not resigned for want of qualifying service of 20 years. Persons who had not opted for pension could only resign as VR is not applicable for them. As per service conditions, they could only resign and not voluntarily retire.

Then IBA had taken a stand that as you have resigned, you not eligible for pension. It is like the saying that madness will go if married, but someone will marry if the madness goes.

As per the MOU signed or Government sanction, the persons should be otherwise eligible for pension. That eligibility is only 10 years as per regulation. Any other interpretation will be mischieous and illegal. If the IBA or the UFBU wanted 20 years as eligibility it should have been specifically mentioned in the MOU.

S Kalyanasundaram

[JSOMA SHEKARA]

When AIBEA takes full credit for achieving the pension to resignees it is certain they have discussed the issue in detail with UFBU and signed the agreement.

So onus is on CHV to call a meeting of the pensioners representatives/pensioners and clarify the points raised by pensioners

You received this message because you are subscribed to the Google Groups "bankpensioner" group.

To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CALpw2U_qM9vn6-NRj90wHgZQFoC8e5NqtFJN-UcPV%2BN6CTX5sw%40mail.gmail.com.

[Ramani Konnayar]

I think, the explanation given in the first paragraph is very clear and correct.

To elaborate, even those who had opted for pension originally, were rendered ineligible for it, if they had resigned before completing 20 years of service i. e., outside the scope of VRS. 

As per pension regulations, this eligibility was relaxed as 10 years, only to those who had to resign on becoming medically unfit to continue in service and those who were compulsorily retired. It is unlikely that any one who did not fall under these categories was, yet, granted pension on resigning with less than 20 years of service. If there are, indeed, such cases, it will strengthen the demand now being made to reduce the eligibility. 

Perhaps, in view of the above, banks have now stipulated that the minimum required service as 20 years for those who had resigned without having opted for pension but are now permitted to opt as per the relevant MOU. Because, if this

is brought down to, say, 10 or 15 years, all those mentioned in the first para above should also be extended that benefit. 

K N Ramani

You received this message because you are subscribed to the Google Groups "bankpensioner" group.

To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CALpw2U_qM9vn6-NRj90wHgZQFoC8e5NqtFJN-UcPV%2BN6CTX5sw%40mail.gmail.com.

[Ramani Konnayar]

It is quite possible that some employees who had joined service after the old pension scheme was introduced and was in force(i.e., upto 31/3/2010) might have resigned after serving for 10 years or more but less than 20 years. If the minimum qualifying service at the time of quitting the services is indeed 10 years as per BEPR, then all such people would have been granted pension. It would be interesting to know whether this happened. 

K N Ramani

You received this message because you are subscribed to the Google Groups "bankpensioner" group.

To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/27f0af06-90ff-49b3-baec-a2465fc2040fn%40googlegroups.com.

[kalyanam rajagopal]

Yes , you have correctly elaborated the rationality of 20 years qualifying service.  The option is extended to those otherwise eligible WHILE IN SERVICE.   NOT AS RESIGNED  or RETIRED,  BUT “ IN SERVICE” 

CHAPTER II APPLICATION AND ELIGIBILITY Application -  is likely to  be amended to include this category . 

“ These Regulations shall also  be applicable  to Employees and officers who were in service of the banks on or after 01-01-1986 and had joined the Banks before 01-04-2010 and who have resigned from the service of the bank on or before 26-04-2010 and who were otherwise eligible to join the pension scheme while in service”

There were 41 resignees during 27.04.2010-01.09.2010. Of them only 9 resignees were given second option in terms of Joint note dated 27.04.2010, as “ in service “ employees or officers  and covered under Regulation 29 of PR 1995 and others were not given option because they did not have qualifying service of 20 years . They were in service as on 27.04.2020, but did not have qualifying  service. Resignees with ten years of service are in NO way better placed in Service Regulations  than voluntarily retired to get  pension option   when the latter with less than 20 years are not eligible..

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKcPo_yN28m6VdtiwNTdktKGJs7gXxpXQ8ExS0M0rmmyG3Co3A%40mail.gmail.com.

[Arun Sharma]

I totally agree and endorse the views of Mr. Kalyansundaram regarding qualifying service for employees who resigned, which should be 10 years as per pension rules and IBA/ AIBEA

must address this at appropriate Management levels so that more employees are covered and benefited. Some one must clarify where this 20 years stipulation came from and justify.. 

"

Background

I would like to refer to your circular AX-1/ST/PPG/Cir.172/2023-24

dated 30 03 2024 wherein it has mentioned that resignees who

have completed 20 years of qualifying service can apply for

pension under the scheme.

As I understand, the MOU signed between IBA and UFBU or the

Government’s approval has not stipulated 20 years of service as

eligibility to apply under the scheme. Please refer to Ministry of

Finance, Department of Financial Services communication dated

16th March 2024, which under Para 2(I) states eligibility as “who

were in service of the Banks on or after 1-1-1986 and had joined

the Banks before 1-4-2010 and have resigned from the service of

the Bank on or before 26-04-2010 and were otherwise eligible to

join the person scheme while in service.

Bank’s pension regulation mentions Qualifying Service as follows:

“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.”

Information required

Please let me have a copy of the document from the Indian Banks

Association or the Government or from any other competent

authority, which contains instructions to treat qualifying service as

20 years to apply for pension by eligible resignees instead of 10

years as mentioned in the Pension Regulation 1995."

Thanks

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CALpw2U-kKCV8aBtoAVNM4WaM%3DipeDmM%3DLmzKvy4i%3DjXfxixetQ%40mail.gmail.com.

[Ramani Konnayar]

Dear Shri Arun Sharma ji, 

As mentioned in my letter dated 18/4/24, those who joined banks after BEPR 1995 came into effect but before 1/4/2010 (when NPS replaced the above pension scheme) were automatically eligible for pension as per BEPR and covered under it. In other words, they had no choice to  opt for the PF Scheme. 

It is possible that some of these employees had resigned from service after completing 10 years of service but before 20 years, not due to becoming medically unfit to continue in service as stated in Clause 30 of BEPR but due to other reasons such as seeking a better employment etc., 

If 10 years is indeed the minimum service required for pension as averred by some of our friends in this group, all such resignees as stated above would have been granted pension. So, it has to be ascertained if there have been such instances and these have to be quoted in support of the demand for modifying the eligibility of 20 years now stipulated by banks for the resignees. 

Incidentally, I feel that AIBEA as well as the bank managements would have looked into the matter thoroughly before stipulating the eligibility as 20 years. 

K N Ramani

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAGdD0KiV7UEg%2BjPvurBpU8JL7qp07874-LieRcqPB-c%2B7M_3iQ%40mail.gmail.com.

[Arun Sharma]

Hello Sir,

I am a ex staff officer resigned in the year 1988 and my toal service is 18 years (17 years 11months and 14 days). There was no pension plan that existed in the year 1988 and no option was available at that time. In the year 1993 Banks came up with the pension plan for employees with a minimum ten years of eligibility and the pension plan was effective as of 1-1-1986. 

in the current scenario, Bank will not consider my request as I have completed 20 years of service as stipulated by PSB, as per the circulars issued by PNB and BOM. 

I feel that this may not be justified for employees that fall in the similar situation like me. 

thanks

Arun sharma

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKcPo_wf3TNhjuWhb__kvc0PaTrOJcgXtcZ7KUpjo5WT4serCA%40mail.gmail.com.

[Arun Sharma]

Hello Sir,

I am a ex staff officer resigned in the year 1988 and my toal service is 18 years (17 years 11months and 14 days). There was no pension plan that existed in the year 1988 and no option was available at that time. In the year 1993 Banks came up with the pension plan for employees with a minimum ten years of eligibility and the pension plan was effective as of 1-1-1986. 

in the current scenario, Bank will not consider my request as I have NOT completed 20 years of service as stipulated by PSB, as per the circulars issued by PNB and BOM. 

I feel that this may not be justified for employees that fall in the similar situation like me. 

[Hans Raj Manuja]

Does anybody know if UCO Bank has issued its circular about pension option for resignees ?

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKcPo_wf3TNhjuWhb__kvc0PaTrOJcgXtcZ7KUpjo5WT4serCA%40mail.gmail.com.

[Ramani Konnayar]

Dear Sir, 

It is really unfortunate that you are missing the eligibility to opt for pension scheme by a very narrow margin. 

According to my knowledge, the 10 years stipulation is not applicable to all across the board but only to some specific cases as stated in my earlier mails. If it is not so, why was the eligibility fixed at 20 years under VRS? 

So, I feel that if resignees with a minimum of 10 years service are to become eligible for pension under the present scheme, BEPR may have to be amended suitably. 

K N Ramani

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAGdD0KinMADdDi_s%2Bhcyw4_BpztqdYT0g_HgYq%2B5oQEEO%3D_rbw%40mail.gmail.com.

[Kalyanasundaram Subramaniam]

Now I have received the following reply from BoM

"No document is available"

S Kalyanasundaram 

[Arun Sharma]

My understanding is that IBA and AIBEA must resolve this injustice to the Bank employees/officers who have put in service between 10 to 20 years and are being denied the right to opt for pension benefit, which has already been approved and cleared by the government (DFS).

Our leaders must come to an agreement to help those aggrieved bank employees as they are not many in number and are very old to fight this matter and take it to the court to get justification. I have 17 years 11 months 14 days and resigned in March 1988, and I am 76 years of age and it is not easy for me to fight this on my own. 

Regards,

Arun Sharma

--

Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/2df74bf6-3a73-4c45-a771-5de8937f69b0n%40googlegroups.com.