Revision in Pension of employees who retired on or after 1.11.07 consequent upon the wage revision as per 9th Bipartite Settlement and Joint Note dated 27.4.2010

[Mohan V.R]

Dear All,

I am reproducing here under the IBA circular on Minimum Pension payable to those retired on or after 1.11.2007. Please note there is no change in pension structure to those retired on or before 31.10.2007.

 

IBA CIRCULAR NO.CIR/HR & IR/ G2 / 90 / 665 / 2010-11/ 714 dt. July 2, 2010

 

Designated Officers of Member Banks

Which are parties to the Bipartite Settlement

 

Dear Sirs,

 

Revision in Pension of employees who retired on or after 1.11.07 consequent upon the wage revision as per 9^th Bipartite Settlement and Joint Note dated 27.4.2010

 

Please refer to our letters No.CIR/HR&IR/76/90/665/2010-11/269 dated 08.05.10 and No.CIR/HR&IR/G2/665/90/2010-11/626 dated 18.6.10 with regard to wage revision to Award Staff/Officers respectively in terms of Bipartite Settlement/Joint Note dated 27.4.10.

 

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 01.11.07 and are eligible for pension need to be revised. We give below for your guidance, the details in this regard. Pending amendments to Pension Regulations, Banks may effect the revision.

 

(I)       PENSION:

 

          The basic pension will be revised on the basis of the revised pay w.e.f.           01.11.07.

 

(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 2836 points in the monthly average of All India Consumer price index for Industrial Workers in the series 1960 = 100 at the rate 0.15 per cent of basic pension.

 

(III)     FAMILY PENSION:

 

          In respect of employees (other than part-time employees) who retire /retired from service on or after 01.11.07 the ordinary rate of pension shall be as under:

 

Scale of pay per month	Amount of monthly family pension
Upto Rs.7,090/-	30 per cent of the ‘pay’ shall be the basic family pension plus 30 percent of allowances which are counted for making contributions to Provident Fund but not for dearness allowance shall be the additional family pension.  The aggregate of basic and additional family pension shall not be less than Rs.1,779 per month.
Rs.7,091 to Rs.14,180	20 per cent of the ‘pay’ shall be the basic family pension plus 20 per cent of allowances which are counted for making contributions to Provident Fund but not for dearness allowance shall be the additional family pension. The aggregate of basic and additional family pension shall not be less than Rs. 2,186 per month.
Above Rs. 14,181	15 per cent of the ‘pay’ shall be the basic family pension plus 15 per cent of allowances which are counted for making contributions to Provident Fund but not for the dearness allowance shall be the additional family pension.  The aggregate of basic and additional family pension shall not be less than Rs.2,841 per month and more than Rs. 5,930 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 01.11.07, the amount of minimum pension shall be Rs. 1,779 p.m.

 

In respect of part-time employees who retired on or after 1.11.07, the minimum pension payable shall be:

 

          Rs. 595 p.m. in respect of part time employees drawing 1/3 scale wages,

          Rs. 892 p.m. in respect of part time employees drawing 1/2 scale wages and

          Rs. 1,339 p.m in respect of part time employees drawing 3/4 scale wages.

 

Pending amendments to Bank Employees’ Pension Regulations, 1995, banks 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. We are enclosing a draft of the irrevocable letter to be obtained from the pensioners.  Member banks may please be guided as above.  

 

 

 

                                                                                                  Yours faithfully,

                                                                                                          Sd/-

                                                                                            (M.VENUGOPALAN)

OFFICER ON SPECIAL DUTY

 

 

 

--
Mohan.V.R.
New 29, 6th Cross Street,
Trustpuram, Kodambakkam
Chennai 600024.
Mobile No. 09444625963.

[Sudhakar Alur]

Dear Mr. Mohan,

Thanks for the information. Even though the information does not pertain to our group, this will help us to part the information to the needy.

I belong to the VRS group of 2001. I appreciate your action of parting the information voluntarily. Kindly keep doing so, as the retired colleagues will be grateful to you to receive such information as the same is not brought into the fore from the groups who are meant to part such information with the swiftness that you do.

Good luck to you,
alur sudhakar



On Mon, 09 Aug 2010 22:39:15 +0530 wrote

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[v kumar]

Sir

I took VRS on 31/03/2008. I am still getting pension on the old Basic
pay as per 8th BP. Consequent to revision of Basic Pay as per 9th BP,
commutation amount and pension stands revised on new basic. Bank
informs that my basic ( 10 months average for the purpose of basic)
falls part in 8th BP and part in 9th BP.Further Bank informs that
there is no communication from IBA in this regards. Pl guide me for my
pension and commutation arrears for which I will be thankful to you.

Regards
Vasant Kumar

On Aug 9, 9:34 pm, "Mohan V.R" <vrmohan...@gmail.com> wrote:
> *
> *
>
> *Dear All,*
>
> *I am reproducing here under the IBA circular on Minimum Pension payable to

> those retired on or after 1.11.2007. Please note there is no change in
> pension structure to those retired on or before 31.10.2007.

> *
>
> * *
>
> *IBA CIRCULAR NO.CIR/HR & IR/ G2 / 90 / 665 / 2010-11/ 714 dt. July 2, 2010*
>
> * *

>
> Designated Officers of Member Banks
>
> Which are parties to the Bipartite Settlement
>
> Dear Sirs,
>

> *Revision in Pension of employees who retired on or after 1.11.07 consequent

> upon the wage revision as per 9th Bipartite Settlement and Joint Note dated

> 27.4.2010*
>
> * *

>
> Please refer to our letters No.CIR/HR&IR/76/90/665/2010-11/269 dated
> 08.05.10 and No.CIR/HR&IR/G2/665/90/2010-11/626 dated 18.6.10 with regard to
> wage revision to Award Staff/Officers respectively in terms of Bipartite
> Settlement/Joint Note dated 27.4.10.
>
> 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 01.11.07 and are eligible for
> pension need to be revised. We give below for your guidance, the details in
> this regard. Pending amendments to Pension Regulations, Banks may effect the
> revision.
>

> *(I)*       *PENSION:*

>
>           The basic pension will be revised on the basis of the revised pay
> w.e.f.           01.11.07.
>

> *(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 2836
> points in the monthly average of All India Consumer price index for

> Industrial Workers in the series 1960 = 100 at the rate *0.15 per cent *of
> basic pension.
>
> *(III)     FAMILY PENSION:*
>
> * *

>
>           In respect of employees (other than part-time employees) who

> retire /retired from service on or after 01.11.07 the *ordinary rate of
> pension *shall be as under:
>
> *Scale of pay per month*
>
> *Amount of monthly family pension*

>
> Upto Rs.7,090/-
>
> 30 per cent of the ‘pay’ shall be the basic family pension plus 30 percent
> of allowances which are counted for making contributions to Provident Fund
> but not for dearness allowance shall be the additional family pension.  The
> aggregate of basic and additional family pension shall not be less

> than *Rs.1,779
> per month.*

>
> Rs.7,091 to Rs.14,180
>
> 20 per cent of the ‘pay’ shall be the basic family pension plus 20 per cent
> of allowances which are counted for making contributions to Provident Fund
> but not for dearness allowance shall be the additional family pension. The

> aggregate of basic and additional family pension shall not be less than *Rs.
> 2,186 per month.*

>
> Above Rs. 14,181
>
> 15 per cent of the ‘pay’ shall be the basic family pension plus 15 per cent
> of allowances which are counted for making contributions to Provident Fund
> but not for the dearness allowance shall be the additional family pension.  The

> aggregate of basic and additional family pension *shall not be less than
> Rs.2,841 per month *and* more than Rs. 5,930 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 01.11.07, the amount of *minimum pension shall be Rs.
> 1,779 p.m.*
>
> * *

>
> In respect of part-time employees who retired on or after 1.11.07, the
> minimum pension payable shall be:
>

> *          Rs. 595 p.m. *in respect of part time employees drawing *1/3
> scale wages, *
>
> *          Rs. 892 p.m. *in respect of part time employees drawing *1/2* *scale
> wages* and
>
>           *Rs. 1,339 p.m* in respect of part time employees drawing *3/4
> scale wages.*
>
> * *

>
> Pending amendments to Bank Employees’ Pension Regulations, 1995, banks 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. We are enclosing a draft of the
> irrevocable letter to be obtained from the pensioners.  Member banks may
> please be guided as above.
>
>                   Yours faithfully,
>
>                 Sd/-
>

>             *(M.VENUGOPALAN)*
>
> *OFFICER ON SPECIAL DUTY*

[S. N. Sharma]

Not a prudent question, it need only a matter of common sense-
 
You will get  1) areear of pension being revisied with benefit of revised Basic Pay as per 9th BPS from Nov-2007 to March-2008.  That will effect all benefit.  @) You will get revisied commutation as per revised Basic Pension.
 
That is all
Regards,
S.N.

 
> Date: Fri, 13 Aug 2010 09:17:58 -0700
> Subject: bankpensioner Re: Revision in Pension of employees who retired on or after 1.11.07 consequent upon the wage revision as per 9th Bipartite Settlement and Joint Note dated 27.4.2010
> From: vasan...@gmail.com
> To: bankpe...@googlegroups.com

[subramanian chidambaram]

I am also in the same position.However I understand that necessary guidelines from IBA has since been received by the Banks. Anyhow please check up with your bank now.

C SUBRAMANIAM

[Anurag Choudhary]

Dear Sirs,   Those, whose last 10 months salary falls between two settlements(8th & 9th BPS) may send their last 10 months basic pay including spl pay reckonable for retirement benefits only, to me to find out their possible basic pension.   Anurag Choudhary anuragch...@yahoo.in --- On Sat, 14/8/10, S. N. Sharma <snshar...@hotmail.com> wrote:

[VASANT KUMAR]

Sir

 

Sir still we have not got the arrears of commutation and pension arrears from the date of retirment. My date of retirement is 31/03/2008 and I am an existing pension optee. Still my pension is paid as per the old BP Basic.

--
VASANT KUMAR

[subramanian chidambaram]

It is reported that banks are awaiting specific instructions from IBA to revise the pension to such of those retirees whose salary structures fall between two BPS (ie 8th and 9th).Friends -whose banks have revised the pension- may share the information as soon as they get their pension revised and arrears thereof.   

C SUBRAMANIAM