syndicate bank pension circular

[satyendra]

Dear sir,
The confusion over the refund of the amount by retired employees-
(Quote)
-14. Steps are taken separately to advise those who retired from the
service from 29.09.1995 in the last
known address, the following information as available in the Bank’s
records.
(a) The amount of Bank’s contribution to PF with interest paid to him/
her at the time of retirement including management contribution
portion of NRW, if any, with interest.
(b) 56% of the above amount representing his/her share in the funding
gap.
(c) The lump sum amount he/she may get if he/she exercises his/her
option to join the pension scheme and choose to commute 1/3rd of basic
pension.
- point no (a)" Interest" word is mentioned at two places, first
appears to be the interest receives at the time of retirement and
second interest to be refunded from the date of receipt of the PF
refund. This is a confusion, created by the bank management.

The good thing is that management is kind enough to inform each
individual retired employee for the possible amount to be refunded,
after adjustment of commutation amount.

However bank has not provided the medical examination form, as this is
required by all the retired employees who are option pension after one
year of retirement.

[varadaraj pai]

Dear Sir,

The other interest applicable to those who have availed NRW. For them they have to pay interest on NRW portion. I think this will be communicated by the bank seperately to you.

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[Dr.dhananjaya Bhupathi]

Friends from Syndicate Bank,

The Bank's pension circular is displayed  on our bank's website, which U can download and take a print out. www.syndicatebank.com @ the bottom of the bank's home page.

good luck,

Dr.Dhananjaya Bhupathi,

Retd. Manager on Superannuation,

Hyderabad CAO.

09849367207

---

From: varadaraj pai <bvarad...@gmail.com>
To: bankpe...@googlegroups.com
Sent: Fri, 17 September, 2010 1:57:30 PM
Subject: Re: bankpensioner syndicate bank pension circular

[Bajrang Lal Choudhary]

Dear Sirs,   At last Syndicate Bank came out with the pension circular but nothing contained new in it. So far we can say that DENA BANK circular is the best of all as they will recover the amount after setting off both the commutation amount pension arrears till the date of recovery. Rest every thing is similsr in almost all the banks. To inform the retirees at their last known address is mandatory for all the banks.   SBBJ has also come out with the pension circular which is called better in some extent. They have told that recovery will be made after setting off the commutation amount if requested by the pensioner. They offered to submit the option letter to-(1) His nearest branch, (2) To the branch from where he was retired, (3) To the branch where he maintains an account and (4) To the branch from where he wants to draw his pension in future.   SBBJ has instructed their branch managers to mark the date of receipt on the option letter in the branch before handing a copy of it to the pensioner.   B L Choudhary

[R Balaji]

Procedure adopted by Corporation Bank for submitting the letter directly to HO is also to be appreciated.
Balaji

--

[Sebastian Sakaria]

Dear Sirs,

It is unfortunate that some leading banks like PNB, Canara Bank, IOB, BoB etc have not mentioned anything in their circulars  about netting/setting off the commutation amount against the amount due to the banks from retirees. (PF + 56%).

However, members would be glad to note that the following banks have clearly stated in their circulars that retirees will be allowed to pay the difference amount after netting/setting off the commutation amount:

-    Uco Bank
-    Oriental Bank of Commerce
-    Bank of India
-    Union Bank
-    Indian Bank
-    Dena Bank
-    United Bank of India
-    Central Bank of India, etc.

It is very important and necessary that someone take up the matter with the managements of banks like PNB, Canara Bank, Bank of Baroda, IOB, etc. so that they too may extend the facility to the retirees who want to opt for pension.

s.Sakaria.

---

From: Bajrang Lal Choudhary <bajranglal...@yahoo.in>
To: bankpe...@googlegroups.com
Sent: Fri, 17 September, 2010 3:51:33 PM

Subject: Re: bankpensioner syndicate bank pension circular

[J SOMASEKARA]

In canara bank website under page FREQUENTLY ASKED QUESTIONS It has been clearly mentioned that Commutation amount will be adjusted and only dif amount has to be paid.

[R Balaji]

All banks will make adjustments of commutation value as per joint note irrespective of the fact that the same is not stated in their respective circulars.
regards

[dp. bhardwaj]

Dear sir   Pl.advice DA rates for retirees of 31-10-2007 from DEC,2009 .Whether pension arrear will be adjusted  with commutted pension .     D P BHARDWAJ   --- On Sun, 9/19/10, J SOMASEKARA <jsomase...@gmail.com> wrote:

[Jagdish bhargava]

On perusal of circulars of various Banks, I am of the considered view that none of the banks, except Dena bank, have applied their mind in the matter. Indeed, the working of these banks is deplorable.It is a sad commentary on their functioning. J. K. Bhargava A-38 Minal Residency J. K. Road Bhopal M. P. 462023 Ph:(0755)2682058(H) 9424090339(M)

--- On Sun, 19/9/10, J SOMASEKARA <jsomase...@gmail.com> wrote:

From: J SOMASEKARA <jsomase...@gmail.com> Subject: Re: bankpensioner netting/setting off commutation amount To: bankpe...@googlegroups.com

[Eswaran Danappa]

sir, Also State Bank of Mysore have mentioned in their circular about adjustment of commutation amt.against the amt. due to the banks from retirees.eswaran.

--
D.ESWARAN

[Dr.dhananjaya Bhupathi]

friends,

please, don't worry unnecessarily with Ur own doubts. It is prudent on the part of any Bank to adjust the arrears of pension, gratuity, salary and commutation amount payable to us from the amount payable by us towards the pension fund. After working hard for the excellent progress of this wonderful banking industry; none of is should have avoidable tensions atleast during the retired life.

regards,

Dr.Dhananjaya Bhupathi. 

---

From: Eswaran Danappa <kailas....@gmail.com>
To: bankpe...@googlegroups.com
Sent: Mon, 20 September, 2010 10:58:46 PM

Subject: Re: bankpensioner netting/setting off commutation amount

[SBMPC Blore]

Dear friends,

On behalf of State Bank of Mysore Pensioners' Commune, we met Officials of the bank and we have requested for :

a. Netting of pension arrears

b. Loan at a concessional rate of interest.

They have promised us to look into the matter, favourably.  We are confident that, with the support of the Union and Association, we would secure both.

I find that Union Bank of India is allowing netting of pension arrears also.  I also understand that both Canara Bank and Corporation Bank are also allowing netting of pension arrears.  In all these banks, even commutation amount is also adjusted.

Thanking you,

With regards,

Prasad C N

Vice President

[Dr. Manmohan]

yes, our bank union bank is extending netting facility for both
commutation and arrears.

On Wed, 22 Sep 2010 09:15:21 +0530 wrote

>Dear friends,
On behalf of State Bank of Mysore Pensioners' Commune, we met Officials
of the bank and we have requested for :

a. Netting of pension arrearsb. Loan at a concessional rate of

interest.

They have promised us to look into the matter, favourably.  We are
confident that, with the support of the Union and Association, we would
secure both.
I find that Union Bank of India is allowing netting of pension arrears
also.  I also understand that both Canara Bank and Corporation Bank are
also allowing netting of pension arrears.  In all these banks, even
commutation amount is also adjusted.

Thanking you,

With regards,Prasad C NVice President

On 21 September 2010 09:37, Dr.dhananjaya Bhupathi

wrote:

friends,
please, don't worry unnecessarily with Ur own doubts. It is prudent on
the part of any Bank to adjust the arrears of pension, gratuity, salary
and commutation amount payable to us from the amount payable by us
towards the pension fund. After working hard for the excellent progress
of this wonderful banking industry; none of is should have avoidable
tensions atleast during the retired life.
regards,Dr.Dhananjaya Bhupathi. 

From: Eswaran Danappa

To: bankpe...@googlegroups.com

Sent: Mon, 20 September, 2010 10:58:46 PM
Subject: Re: bankpensioner netting/setting off commutation amount


sir, Also State Bank of Mysore have mentioned in their circular about
adjustment of commutation amt.against the amt. due to the banks from
retirees.eswaran.

Dr Manmohan
Wealth management Consultants
Life and Money.

[Shashikant Nayak]

I am retired officer from Dena Bank and happy to inform you that

my bank is extending netting facility for both commutation and 

arrears. I hope that those banks who have still not given the facility of 

netting for commutation and arrears will now start it.

Best regards to all the members.

**Shashikant V. Nayak

[Jagdish bhargava]

can anybody inform about netting of commutation and arrears by Bank of india?

J. K. Bhargava A-38 Minal Residency J. K. Road Bhopal M. P. 462023 Ph:(0755)2682058(H) 9424090339(M)

--- On Wed, 22/9/10, Shashikant Nayak <shashikan...@gmail.com> wrote:

[LIGHT CANDLES INSTEAD OF CURSING DARKNESS]

Netting of commutation is surely allowed..
See Annexure IX with Bank Of India Circular.

Question now remains about arrears?

[murali]

Dear all,
is there any information on netting commutation amount from Indian overseas bank? is it possible to give the medical certificate in advance to get the commutation amount deducted from the PF amount that is to be paid back?

thanks in advance

regards
MBK Rao
Retd. Manager, IOB
Srikakulam
Andhra Pradesh

[venugopal cheriyachanaseril]

the facility will be/have to be extended

Venugopal

[murali]

thank you sir.

MBK Rao

[Jayakrishnan]

Dear CN Prasad, I have received the "Aproximate pension & commutation Payable" work sheet from our Bank. I have taken SVRS in March 2001. It is said that for VRS employees, 5 years will be added to the qualifying service subject to the maximum of  33 years. But PGD has taken only 21 years which is my actual completed service and calculated basic pension amount whereas it should have been 21+5=26 years. PGD's calculation: Average 10 months Basic Prior to retirement = 9360.00 Average 10 months Total allowance qualifying for PF deduction = 1255.00 Total qualifying service = 21 (before adding 5) For the above I am getting basic pension of Rs. 3378.00, which is PGD's calculation. If I add 5 years and make the total qualifying service as 26, the basic pension would be Rs. 4182.00 Please advice what should I do in this situation. Thanking you in advance, Best regards, A. Jayakrishnan. ========== A diamond is just another piece of coal that did well under pressure!!! --- On Tue, 9/21/10, SBMPC Blore <sbmpen...@gmail.com> wrote:

[synd_man]

 

Anybody knows about the outcome of IBA Management Committee Meeting?

[kiritkbhatt bhatt]

Dear Sir,                 I am also IOBIAN. In our Bank netting commutation is permitted. You can give Medical certificte only after gettting papers from bank.   Bye KIRIT S BHATT   u, 23/9/10, murali <muralid...@gmail.com> wrote:

[ashok wadhera]

I am grateful for the group of retired bank employees in sending latest information about 2nd. option of pension. It is also a great news that some banks have allowed to set off the amount tobe refunded from receivable commutation value and arrears of pension.But PNBank is not doing so. I AM FROM PNBANK COMPULSORY RETIRED IN 1999 AFTER SERVING ABOUT 22 YEARS OF SERVICE AS AN OFFICER. COULD SOMEONE CLEAR THE POSITION ABOUT COMPULSORY RETIRED PERSON, WHETHER THE CASE WOULD BE REFERRED TO THE BOARD FOR APPROVAL TO MAKE HIM ELIGIBLE FOR PENSION OR NOT. MAILING ADDRESS IS akwadh...@rediffmail.com
Pl. also advise me latest development in the matter of pension. WITH REGARDS.

[sundarsingh matta]

Hi

Only in case of dismissed staff since they would not get anything they are not eligible.In case of crs PF is paid ,So u r eligible for pension.Submit Option letter tomorrow itself .

ssmatta

--

[mahesh agrawal]

Dear Sir,
It is really strange that CRS people are eligible for pension option
and VRS people are not ?
On Sun, 26 Sep 2010 18:45:51 +0530 wrote
>HiOnly in case of dismissed staff since they would not get anything

they are not eligible.In case of crs PF is paid ,So u r eligible for
pension.Submit Option letter tomorrow itself .ssmatta


On Sun, Sep 26, 2010 at 9:01 AM, ashok wadhera

wrote:



I am grateful for the group of retired bank employees in sending latest
information about 2nd. option of pension. It is also a great news that
some banks have allowed to set off the amount tobe refunded from
receivable commutation value and arrears of pension.But PNBank is not
doing so. I AM FROM PNBANK COMPULSORY RETIRED IN 1999 AFTER SERVING
ABOUT 22 YEARS OF SERVICE AS AN OFFICER. COULD SOMEONE CLEAR THE
POSITION ABOUT COMPULSORY RETIRED PERSON, WHETHER THE CASE WOULD BE
REFERRED TO THE BOARD FOR APPROVAL TO MAKE HIM ELIGIBLE FOR PENSION OR
NOT. MAILING ADDRESS IS akwadh...@rediffmail.com


Pl. also advise me latest development in the matter of pension. WITH
REGARDS.

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