Chapter Xxiv

8/8/2019 Chapter Xxiv

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CHAPTER XXIV

STAFF PENSION SCHEME

INDIAN OVERSEAS BANK (EMPLOYEES) PENSION REGULATIONS 1995

The Pension Scheme in our Bank is introduced under Indian Overseas Bank

(Employees) Pension Regulations, 1995, which has been approved by Our Board of

Directors and published in the Official Gazette on 29.09.1995 as per Section 19(1)

of the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. These

regulations are effective from the Notified date, i.e.29.09.1995.

I. DEFINITIONS:

In these Regulations, unless the context otherwise requires.

Act means the Banking Companies (Acquisition and Transfer of Undertakings)

Act, 1970.

Average Emoluments means the average of the pay drawn by an employee

during the last ten months of his service in the Bank.

Bank means the Board of Director of the Bank.

COMPETENT AUTHORITY means the authority appointed by the Board for thepurpose of these Regulations.

CONTRIBUTION means any sum credited by the Bank on behalf of employee

to the Fund, but shall not include any sum credited as interest.

DATE OF RETIREMENT means the last date of the month in which an employee

attains the age of superannuation or the date on which he is retired by the

Bank or the date on which the employee voluntarily retires; or the date on

which the officer is deemed to have retired.

DEEMED TO HAVE RETIRED means cessation from service of the Bank on

appointment by Central Government as a whole time Director or Managing orChairman in the Bank.

EMPLOYEE MEANS any person employed in the service of the bank on full

time work on permanent basis or on part-time work on permanent basis on

scale wages and who opts and is governed by these Regulations, but not include

a person employed either on contract basis or daily wages basis or on

consolidated wages.


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FAMILY means

(a) wife in the case of a male employee or husband in the case of a female

employee;

(b) a judicially separated wife or husband such separation not being granted

on the ground of adultery and the person surviving was not held guilty of

committing adultery.

(c) Son or unmarried daughter or widowed/divorced daughter, was not attained

age of 25 years including such son or daughter adopted legally.

(d) Parents who were wholly dependent on the employee when he/she was

alive, provided the deceased employee had left behind neither a widow/

widower nor a child.

FUND means the Indian Overseas Bank (Employees) Fund

NOTIFIED DATE means the date on which these Regulations are published in the

official Gazette i.e. 29.09.1995.

PAY includes.

(a) in relation to an employee who has either retired or died on or after 01.01.1986

but before 01.11.1992 in case of workman and for officers on or after

01.01.1986 but before 01.07.1993.(i) The Basic Pay including stagnation increments, if any and

(ii) all allowances counted for the purpose of making contribution to the

Provident Fund and for the payment of dearness allowance.

(b) in relation to an employee who retires or dies while in service or dies while in

service on or after 01.11.1992 since for OFFICERS on or after 01.07.1993.

(i) the Basic Pay including stagnation increments PQA if any, and

(ii) all allowances counted for the purpose of dearness allowance; and

(iii) increment component of Fixed Personnel Allowance.

(c) on or after 01.04.1998

(d) on or after 01.11.2002

PENSION includes the basic pension and additional pension.

PENSIONER means an employee eligible for pension under these Regulations.


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QUALIFYING SERVICE means the service rendered while on duty or otherwise whichshall be taken into account for the purpose of pension under these Regulations.

RETIREMENT means cessation from Banks service.

(a) on attaining the age of superannuation.

(b) On voluntary retirement

(c) On premature retirement by the Bank before attaining the age of superannuation.

SERVICE REGULATIONS means Indian Overseas Bank (Officers) Service Regulations

1979.

TRUST means the trust of the Indian Overseas Bank (Employees) Pension Fund.

II APPLICATION AND ELIGIBILITY

These Regulations shall compulsorily be applicable to all employees who joined the

bank on or after the notified date, i.e.29.09.1995.

However, an employee who joins the service of the Bank on or after the notified date

at the age 35 years or more, may, within a period of ninety days from the date of

his/her appointment, elect to forego his/her right to pension, whereupon these

Regulation shall not apply to him/her.

For those employees who are in the service before the notified date, i.e.29.09.1995the pension is optional. If they opt for pension, they are not eligible for Banks

contribution to the Provident Fund as their retirement benefit. Instead, their share of

Banks contribution to the Provident Fund will be transferred to the Pension Fund

along with interest accrued thereon.

III PENSION FUND

Pension will be disbursed to the pensioner from the Indian Overseas Bank

(Employees) Pension Fund constituted under an irrevocable trust. The Bank shall

be a contributor to the Fund and ensure the Trustees to disburse pensions. The

accounts of the Fund is subject to audit.

IV TYPES OF PENSION

1. SUPERANNUATION PENSION:

This is a pension granted to an officer who is compelled to retire from service on

attaining a particular age, i.e.60 years. Superannuation pension will be allowed for a

minimum service of 10 years of qualifying service.


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2. PENSION ON VOLUNTARY RETIREMENT:

(1) On or after 01.11.1993, at any time after an employee has completed 20 years

of qualifying service he may, by giving notice of not less than three months in

writing to the appointing authority, retire from service, under Regulation 29 of

Indian Overseas Bank (Employees) Pension Regulations, 1995.

Provided that this sub-regulation shall not apply to an employee who is on

deputation or on study leave abroad unless after having been transferred or

having returned to India he has resumed charges of the post in India and has

served for a period of not less than one year.

Provided that this sub regulation shall not apply to an employee who is

deemed to have retired.

(2) The notice of voluntary retirement shall require acceptance by the Appointing

Authority provided that where the appointing authority does refuse to grant the

permission for retirement before the expiry of the period specified in the said

notice, the retirement shall become effective from the date of expiry of the said

period.

(3) (a) An employee referred to in sub-regulation (1) above, may make a request

in writing to the appointing authority to accept notice of voluntary retirement

of less than three months giving reasons thereof.

(b) On receipt of such request, the appointing authority may subject to the

provisions of sub-regulation (2), consider such request for the curtailment

of the period of notice of three months on merits and if it is satisfied that

the curtailment of the period of notice will not cause any administrative

inconvenience, the appointing authority may relax the requirement of notice

of months on the condition that the employee shall not apply for

commutation of a part of his pension before the expiry of the notice of

three months.

(4) An employee, who has elected to retire under this Regulation and has given

necessary notice to that effect to the appointing authority, shall be precluded

from withdrawing his notice except with specific approval of such authority;

provided that the request for such withdrawal shall be made before the intended

date of his retirement.

(5) ADDITIONAL WEIGHTAGE: The qualifying service of an employee retiring

voluntarily under this Regulation shall be increased by period not exceeding


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five years, subject to the condition that the total qualifying service rendered bysuch employee shall not in any case exceed thirty-three years and it does not

take him beyond the date of superannuation.

Weightage allowed based on service

Between 20-28 years - 5 years

For 29 years - 4 years




Weightage allowed based on age

53 years and below age - 5 years

54 years age - 4 years



57 years age - 1 year

(6) The pension of an employee retiring under this Regulation shall be based on

the average emoluments and the increase, not exceeding 5 years in his

qualifying service, shall not entitle him to any notional fixation to pay for the

purpose of calculating his pension.

3. INVALID PENSION: on or after 01.11.1993

Invalid pension may be granted to those who has rendered 10 years of serviceand retires due to mental infirmity or physically injury, which permanently

incapacitates him for the service.

Commutation is payable only after Medical examination by the Government Civil

Surgeon/Banks Doctor.

4. PREMATURE RETIREMENT PENSION:

Premature retirement pension may be granted to an employee who:

(a) has rendered minimum ten years of service and

(b) retires from service on account of orders of the Bank to retire prematurely

in the public interest or for any other reason specified in service Regulation

or Settlement, if otherwise he was entitled to such pension on

superannuation on that date.


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5. COMPULSORY RETIREMENT PENSION

Compulsory retirement pension is granted to an officer where he is made to

retire compulsorily as a measure of penalty by the Competent Authority. This is

applicable only for those who retired under compulsory retirement on or after

01.11.1993.

Whenever the Competent Authority passes an order (whether original, appellate

or exercise of power of review) awarding a pension less than the full

compensation pension admissible under these Regulations, the Board of

Directors shall be consulted before such order is passed.

Commutation payable only after Medical examination by the Government. Civil

Surgeon/Banks Doctor if it is more than one year from the date of order.

6. COMPASSIONATE ALLOWANCE:

Such dismissal, removal or termination is on or after 01.11.1993. Compassionate

allowance is granted to an officer who is dismissed or removed from service

and in the case deserving special consideration, the Competent Authority

sanction the allowance, not exceeding two-thirds of the pension which would

have been admissible to him on the basis of the qualifying service rendered

upto the date of his dismissal, removal or termination. The Compassionate

Allowance sanctioned, however, shall not be less than the minimum pension.

Commutation is payable only after Medical examination by the Government. Civil

Surgeon/Banks Doctor.

v. QUALIFYING SERVICE

1. Qualifying service:

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.

2. Commencement of qualifying service:

Subject to the provisions contained in these Regulations, qualifying service of

an employee shall commence from the date he takes charge of the post to

which he is first appointed on a permanent basis.


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3. Counting of service on probation :

Service on probation against a post in the Bank if followed by confirmation in

the same or any other post shall qualify.

4. Counting of periods spent on leave:

All leave during service in the Bank for which leave salary is payable shall

count as qualifying service.

Provided that extraordinary leave on loss of pay shall not count as qualifying

service except when the sanctioning authority has directed that such leave not

exceeding twelve months during the entire service, may count as service for all

purposes including pension.

5. Broken period of service of less than one year:

If the period of service of an employee includes broken period of service less

than one year, then if such broken period is more than six months, it shall be

treated as one year and if such broken period is six months or less, it shall be

ignored. For example, if the service of an employee is 26 years and 7 months,

than his qualifying service will be taken is 27 years. If the service is 26 years

and 5 months, then the qualifying service will be 26 years only.

6. Counting of period spent on training:Period spent by an employee on training in the Bank immediately before his

appointment shall count as qualifying service.

7. Counting of past service in the erstwhile Bank:

In the case of an employee who is permanently transferred to a service in the

Bank from any other Bank on merger, amalgamation of any other Bank with the

Bank to which these Regulations apply, the continuous service rendered by

such an employee in any other Bank on permanent basis, if any, followed without

interruption, by permanent appointment, or the continuous service rendered

under that Bank in a permanent capacity, as the case may be shall qualify;provided that nothing contained in the Regulation shall apply to any such

employee who is appointed on contract basis or on daily wage basis or on

consolidated wages.

8. Period of suspension:

Period of suspension of an employee pending enquiry shall count for qualifying

service where, on conclusion of such enquiry, he has been fully exonerated or


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the suspension is held to be wholly unjustified, and in other cases the periodof suspension shall not count as qualifying service unless the Competent

Authority passing the orders under the Service Regulations or Discipline and

appeal Regulations or Settlements governing such cases expressly declares

that it shall count in such a manner as such Authority may declare.

9. Forfeiture of Service:

i. Resignation or dismissal or removal or termination of an employee from

the service of the Bank shall entail forfeiture of his entire past service

and consequently shall not qualify for pensionary benefits

ii. An interruption in the service of a Bank employee entails forfeiture of his

past service, except in the following cases, namely;-

a. authorized leave of absence;

b. suspension, where it is immediately followed by reinstatement,

whether in the same or a different post, or where the bank employee

dies or is permitted to retire or is retired on attaining the age

compulsory retirement while under suspension.

c. Transfer to non-qualifying service in a establishment under the control

of the Government or Bank if such transfer has been ordered by a

Competent Authority in the public interest.

d. Joining time while on transfer from one post to another.

iii. notwithstanding anything containing in sub-regulation (ii), the appointing

authority may, order, commute retrospectively the periods of absence

without leave as extraordinary leave.

iv. a. In the absence of a specific indication to the contrary in the service

record, an interruption between two spells of service by a bank

employee shall be treated as automatically condoned and the pre-

interruption service treated as qualifying service.

b. Nothing in clause (a) shal l apply to interruption caused by

resignation, dismissal or removal from service.


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10. Period of deputation to foreign service:

An employee deputed on foreign service to the United Nations or any other

foreign body or organisation may at his option.

a. Pay pension contribution in respect of his foreign service and count such

services as qualifying service under these Regulations; or

b. Avail of the retirement benefits admissible under the rules of the foreign

employee and not count such service as qualifying service under these

Regulations; provided that where an employee opts for clause (b),

retirement benefits shall be payable to him in India in rupees from such

date and in such manner as the Bank may, by order specify.

11. MILITARY SERVICE

An employee who has rendered military service before appointment in the Bank

shall continue to draw the military pension, if any, and military service rendered

by the employees shall not count as qualifying service for pension.

12. PERIOD OF DEPUTATION TO AN ORGANISATION IN INDIA

Period of deputation of an employee to another organisation in India will count

as qualifying service provided the organisation to which he is deputed or the

employee pays the pensionary contributions at the rates specified by theBank.

13. ADDITION TO QUALIFYING SERVICE IN SPECIAL CIRCUMSTANCES

An employee, appointed under special circumstances, shall be eligible to add

to his service qualifying for superannuation pension (but for any other class of

pension) the actual period not exceeding one fourth of the length of his service

or the actual period by which his age at the time of recruitment exceeded the

upper age limit specified by the Bank for direct recruitment or a period of five

years, whichever is less.

14. ADDITION UNDER VOLUNTARY RETIREMENT

The qualifying service shall be increased by a period not exceeding five

years.


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VI. RATE OF PENSION

1. various elements required for calculating pension are;

i. Gross service : calculation of the total number of years of service rendered

by an employee from the date of his appointment on permanent basis to the

date of retirement. This is Gross service.

i i. Non qualifying service : period under suspension, leave on loss of pay, etc

will be treated as non qualifying service.

iii. Net qualifying service : if you deduct the period of non qualifying service

from the Gross service, we get Net qualifying service. To this, we may add the

weightage of service, if any, given for voluntary retirement and for appointment

under special circumstances.

iv. Total Basic Pay : Basic pay received by the member during the last

10 months period preceeding the date of retirement.

If during the last 10 months period, an employee had been on leave and drawing

leave salary or had been suspended and reinstated without forfeiture of past service,

the pay which he would have drawn had he not been on leave or on suspension

should be taken into account to determine the Average Emoluments.

If during the last 10 months, an employee had been on extra ordinary leave on loss

of pay or had been under suspension (suspension treated as penalty and ordered

as such), corresponding back period so as to make up 10 months, should be taken.

v. Total Allowances Allowances like Fixed Personal Allowance, Professional

Qualification Allowance, etc, which count for Provident Fund, drawn by the

member during the last 10 months.

vi. Average Emoluments : Average of the last 10 months Basic Pay and average

of the Allowances shall be arrived at separately because pension calculated on

Average Basic Pay is treated as Basic Pension, which is eligible for dearness

allowance relief.

HOW TO CALCULATE PENSION:

In case of an employee retiring on superannuation after completing 33 years of

qualifying service, the amount of Basic pension is calculated on 50% of the Average

Emoluments (Basic Pay) and other allowances such as FPA & PQA.


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In case of any employee retiring before completing qualifying service of 33 years,but after completing qualifying service of 10 years, the amount of pension shall be

proportionate.

The formula is:

Average Emolument 50 x No. of years of qualifying service

100 33

ILLUSTRATION:

An officer joined the Bank on 01.09.1979. He takes voluntary retirement form the

Bank on 30.06.2005. His date of Birth 01.07.1949. His Average Basic Pay is Rs.19920.

He has also received Fixed Personnel Pay of Rs.560 and Professional Qualification

Pay of Rs.750/-.

His Pension is Calculated as follow:

Total of Service Date of Retirement 30.06.2005

Date of entry is Service 01.09.1979

Gross Service is 25 years and 10 months

Qualifying service rounded off and 26 years

to Add Additional weightage 4 years

Total qualifying Service 30 years

Though he retired after completing 26 years he is allowed weightage only for 4 years,

because he has retired at the age of 56 years and the balance period of service

before retirement on superannuation i.e..30.06.2009 is only 4 years.

For the Net qualifying service of 30 years, his Basic pension will be

Rs. 19920 + 560 + 750 = 21230 x 50 x 30 = 9650

100 33

Commutation 9650 = 3217

3

Rs.3217 x 11.10 = 4,28,504/-

Note : Charts shows the basic pension for different periods of qualifying service are

given in the table.


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2. Other salient features of Pension

1. Pension shall become payable from the date following the date on which

he retires.

2. Pension will be paid monthly, in arrears, on or after the first day of the

following month

3. Pension will be paid in Indian Rupees in India only.

4. Pension will be rounded off to next higher rupee

5. The amount of minimum pension shall be Rs.1060/ in respect of an

employee who retires on or after 1-4-98 and for those retired after

1-11-2002 the minimum shall be Rs.1435/

6. Pension will be paid for the day of death of the pensioner.

3. Accounting procedure

In our bank, pension payments to our ex staff are computerised at Pension cell,

Personnel Administration Department, Central Office,. The monthly pension will be

credited by Central Office to the branch from where the pensioner desires to receive

his pension. The monthly pension will be credited to the branch by way of IBSA and

ECS clearing.

VII DEARNESS RELIEF

Dearness relief shall be granted on basic pension of family pension or invalid pension

or on compassionate allowance as per the rates specified below.

On and from 1.5.2005.

In the case of employee who retired from 1.4.98 to 31.10.2002 Dearness relief shall

be payable for every rise or be recoverable for every fall, as the case may be of

every 4 points over 1684 points in the quarterly average of All India Average

Consumer Price Index for industrial worker in the service 1960 = 100 such increase

or decrease for every said four points shall be calculated in the manner given

below.


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The rate of dearness allowance as a percentage or basic pensionScale of pay

i. upto Rs.3550 0.24 of Basic Pension

ii. Rs.3551 to Rs.5650/- 0.24% of Rs.3550/ plus 0.20% of the basic

pension in excess of Rs.3550/

iii Rs.5651 to Rs.6010/- 0 .24% or Rs.3550 plus 0 .20% of d if ference

between Rs.5650/ and Rs.3550/ plus 0.12% at

basic pension plus 0.20% of the difference.

iv. above Rs.6010/- 0.24% of Rs.3550/ plus 0.20% plus 0.12%

between Rs.5650/- and Rs.3550/- plus 0.12%

difference between Rs.6010/- and Rs.5650/ plus

0.06% of basic pension in excess of Rs.6011/-

In respect of retirees of period after 1.11.2002 Pension will be revised w.e.f. 01.05.2005

D.A. relief shall be payable at 0.18 percent of basic pension w.e.f. 1.5.2005 Aug. 05

DA will be 14.22% of basic pension for the above category employees.

NOTE

Dearness relief shall be payable for the half year commencing from the 1st day of

February and ending with 1st day of July on the quarterly average of the index

figures published for the months of October, November and December of the previous

year and for the half year commencing form the 1st day of August and ending with

the 31st day of January on the quarterly average of the index figures published for

the months of April, May and June of the same year.

VIII. COMMUTATION

1. An employee shall be entitled to commute (surrender) for a lumpsum payment,

a fraction of pension, not exceeding one third of his pension.

2. If fraction of pension to be commuted results in fraction of rupee, such fraction

of a rupee shall be ignored for the purpose of commutation.

3. Such commuted portion of pension shall be reduced from pension amount

monthly, with effect from the date of commutation / date of payment.

4. The lumpsum payable to an applicant shall be calculated with the table given

below.

TABLE

Commutation value of pension of Re one per annum


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The table indicates the commuted value of pension expressed as number of yearspurchase with reference to the age of the pensioner as on his next birth day. For

example the commuted value in the case of an employee retiring at the age of 58

years is 10.46 years purchase and if he desires to commute Rs.1000/ from his

pension within one year of retirement, the lumpsum amount (commuted value) payable

to him is Rs.1000 x 12 x 10.46 = Rs.1,25,520/-

5. Commuted portion of pension will be restored after a period of 15 years from

the date of payment of commuted value.

6. If the commutation is sought after one year of the date of retirement, it will be

granted only after medical examination by the Banks medical officer.

7. Commutation is admissible in respect of superannuation pension, voluntary

retirement, pension, premature retirement pension, invalid pension and

Compassionate Allowance.

8. In the case of a pensioner eligible for superannuation pension or pension on

voluntary retirement or premature retirement pension, no medical examinations

is necessary. If the application for commutation is made within one year from

the date of retirement.

9. An employee against whom department or judicial proceedings have been

instituted before the date of his retirement or a person against whom such

proceedings are instituted after the date of his retirement shall not be eligibleto commute a fraction of his provisional pension or pension, as the case may

be, authorised under these Regulations during the pendency of such

proceedings.

Forms relating to Pension / Family Pension may be obtained from Pension

Department, Central Office. In case of superannuations the Pension Department

generally mails the forms in advance to the retiring Pension Optees.

If necessary one can conduct the Association Office for any assistance.

(List of phone numbers of Office Bearers is provided in this book.)


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IX. FAMILY PENSION

1. Ordinary rate of family pension

1. Without prejudice to the provisions contained in these Regulations where an

employee dies -

a. after completion of one year of continue service; or

b. before completion of one year of continuous service provided the deceased

employee concerned immediately prior to his appointment to the service

or post was examined by a medical officer approved by the Bank and

declared fit for employment in the Bankc. after retirement from service and was on the date of death in receipt of a

pension or compassionate allowance;

The family of the deceased shall be entitled to family pension, the amount of which

shall be determined as follows:

In respect of employees other than part time employees retired from 1.4.98 to

31.2.2002

Scale of pay per month Amount of monthly Family Pension

Upto Rs.4210 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.1056 per month.

Rs.4210 to Rs.8420/ 20 percent of the PAY shall be the basic family

pension plus 20 per cent of allowances which

are counted for making contributions to Provident




than Rs. 1262 per month.


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Above Rs,.8420/ 15 percent of the PAY shall be the basic family






than Rs.1687 per month and more than Rs.3521/

per month.

ii. In respect of employees other than part time employees retired or retiring on

or after 1.11.2002.

Scale of pay per month Amount of monthly Family Pension

Upto Rs.5720/- 30 percent of the PAY shall be the basic family





and additional family pension shall be subject to

a minimum of Rs.1435 per month.

Rs.5720 to Rs.11440/ 20 percent of the PAY shall be the basic pension

plus 20 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 be subject to a

minimum of Rs.1715 per month.

Above 11440/- 15 per cent of the PAY shall be the basic family

pension plus 15 percent of allowances which arecounted for making contributions to Provident



and additional family pension shall be subject to

a minimum of Rs.2292 per month and a

maximum of Rs.4784 per month.


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Note:

1. Dearness relief is not payable on additional family pension.

2. Scale of pay for the purpose of calculation of family pension as above shall be

the aggregate of PAY and ALLOWANCES as defined in these Regulations.

For the above two categories, Family pension will be revised from 01-05-2005.

3. Enhanced Rate of Family Pension.

Where at the time of death, the employee has completed 7 years of continuous

service, family pensions may be paid at 50% of the pay last drawn or twice the

ordinary rate of family pension, whichever is less, for a period of 7 years or till the

deceased employee would have attained the age of 65 years had he survived,

whichever is less, provided the enhanced family pension shall not exceed the normal

pension admissible on retirement.

4. Commencement of family pension

The family pension will become payable form the date following the date of death of

the employee/pensioner.

5. Period of payment:

The period for which family pension is payable is as follows:

a. in the case of widow or widower, upto the date of death or re marriage

whichever is earlier

b. in the case of son, until he attains the age of 25 years or until he get married

whichever is earlier.

c. In the case of unmarried daughter, until she attains the age of 25 years or until

she gets marriage whichever is earlier.

d. For own sons and daughters, income should not exceed Rs.2550/-

e. For parents who were wholly dependent on the employee when he / she was

alive, provided the deceased employee had left behind neither a widow/ widowernor a child and parents income should not exceed Rs.2550/-

However, family pension shall be payable to the son or daughter for life, if he/she

suffers from any disorder or disability of mind or is physically crippled or disabled so

as to render him or her unable to earn a living even after attaining the age of 25

years.


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5. Order of payment of family pension:

After the death of the employee/pensioner, the family pension will be paid in

the following order.

a. first to the widow or widower, if she/he is not remarried

b. next to the children the order of their birth, The younger of them is not

eligible for family pension until the elder next above him or her has become

ineligible for the grant of family pension.

c. After exhausting all these members, the disabled child will receive family

pension for life.

6. Payment to Twins

Where family pension is payable to twins children, it shall be paid in equal shares.

Similarly, family pension payable to more than one widow, the same is paid in equal

shares.

6. Receipt of two family pensions:

In case both the husband and wife are employees of our bank and in the event of

death of both of them, the surviving eligible child be granted two family pensions

subject to ceiling on the total amount of pension.

7. Suspension of family pension:

a. If a person who, in the event of death of an employee while in service, is

eligible to receive family pension under these Regulations, is charged with the

offence of murdering the employee or for abetting in the commission of such

an offence, the claim of such a person, including other eligible member or

members of the family to receive the family pension, shall remain suspended till

the conclusion of the criminal proceedings institute against me.

b. If on the conclusion of the original proceedings referred to in clause (a) the

person concerned.

(i) is convicted for the murder or abetting in the murder of the employee,

such a person shall be debarred from receiving the family pension which

shall be payable to the other eligible member of the family, from the date

of death of the employee.


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(ii) is acquitted of the charge of murder or abetting in the murder of theemployees, the family pension shall be payable to such a person from

the date of death of the employee.

b. The above provisions shall also apply for the family pension becoming payable

on the death of an employee after his retirement.

X GENERAL CONDITIONS

1. Pension subject to future good conduct:

Future good conduct shall be an implied condition of every grant of pension and its

continuance under these Regulations.

2. Withholding or withdrawal of Pension:

The Competent Authority may, by order in writing, withhold or withdraw a pension or

a part thereof, whether permanently or for a specified period, if the pensioner is

convicted of a serious crime or criminal breach of trust or forgery or acting fraudulently

or is found guilty of grave misconduct.

Provided that where a part of pension is withheld or withdrawn, the amount of such

pension shall not be reduced below the minimum pension per month payable under

these Regulations.

3. Conviction by Court

Where a pensioner is convicted of a serious crime by a Court of law, action shall be

taken in the light of the judgement of the court relating to such conviction.

4. Pensioner guilty of grave misconduct:

If the Competent Authority considers that the pensioner is prima facie guilty of grave

misconduct, it shall, before passing an order, follow the procedure specified in Indian

Overseas Bank Officer Employees (Discipline and Appeal) Regulations, 1976.

5. Provisional Pension:

a. An employee who has retired on attaining the age of superannuation or otherwise

and against whom any departmental or judicial proceedings are instituted or

where departmental proceedings are continued, a provisional pension, equal to

the maximum pension which would have been admissible to him, would be allowed

subject to adjustment against final retirement benefits sanctioned to him upon

conclusion of the proceedings but no recovery shall be made where the pension


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finally sanctioned is less than the provisional pension or the pension is reducedor withheld, etc, either permanently or for a specified period.

b. In such cases the gratuity shall not be paid to such employee until the

conclusion of the proceedings against him. The gratuity shall be paid to him

on conclusion of the proceedings subject to the decision of the proceedings.

Any recoveries to be made from an employee shall be adjusted against the

amount of gratuity payable.

6. Recovery of Pecuniary loss caused to the Bank:

A The Competent Authority may withhold or withdraw a pension or a part hereof,

whether permanently or for a specified period, and order recovery from pension

of the whole or part of any pecuniary loss caused to the Bank if in any

departmental or judicial proceedings the pensioner is found guilty or grave

misconduct or negligence or criminal breach of trust or forgery or acts done

fraudulently during the period of his service.

Provided that the Board shall be consulted before any final are passed.

Provided further that departmental proceedings, if instituted while the employee

was in the employee, be deemed to be proceedings under these Regulations

and shall be continued and concluded by the authority by which they were

commenced in the same manner as if the employee had continued in service.

Provided also that no departmental or judicial proceedings, if not initiated while

the employee was in service, shall be instituted in respect of a cause of action

which arose or in respect of an event which took place more than four years

before such Institution.

c. where the Competent Authority orders recovery of pecuniary loss from the

pension, the recovery shall not ordinarily be made at a rate exceeding one-

third of the pension admissible on the date of retirement of the employee.

7. Recovery of Banks dues:

The Bank shall be entitled to recover the dues to the Bank on account of housing

loans, advances licences fees, other recoveries and recoveries due to staff co-

operative credit society from the commutation value of pension or the pension or the

family pension.


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13320 4036 4238 4440 4642 4844 5045 5247 5449 5650 5853 6055 6256 6458 6660

13820 4187 4397 4607 4816 5025 5235 5444 5654 5863 6072 6282 6491 6701 6910

14320 4339 4556 4773 4990 5207 5424 5641 5858 6075 6292 6509 6726 6943 7160

14880 4509 4735 4960 5185 5411 5636 5862 6087 6313 6538 6763 6989 7215 7440

15440 4678 4913 5147 5381 5615 5848 6082 6316 6550 6784 7018 7252 7486 7720

16000 4848 5091 5333 5576 5818 6061 6303 6545 6788 7030 7273 7515 7758 8000

16560 5018 5269 5520 5771 6022 6273 6524 6775 7025 7276 7527 7778 8029 8280

17120 5188 5447 5707 5966 6225 6485 6744 7004 7263 7522 7782 8041 8301 8560

17680 5358 5625 5803 6161 6429 6697 6965 7233 7501 7768 8036 8304 8572 8840

18240 5527 5804 6080 6356 6633 6909 7185 7462 7738 8015 8290 8567 8844 9120

18800 5697 5982 6267 6552 6836 7121 7406 7691 7976 8261 8545 8830 9115 9400

19360 5867 6160 6453 6747 7040 7333 7627 7920 8213 8507 8800 9093 9387 9680

19920 6036 6338 6640 6942 7244 7545 7847 8149 8451 8753 9055 9356 9658 9960

20480 6206 6516 6827 7137 7447 7758 8068 8378 8688 8999 9309 9619 9930 10240

21040 6376 6695 7013 7332 7651 7970 8288 8607 8926 9245 9563 9882 10201 10520

21660 6564 6892 7220 7548 7876 8205 8533 8861 9189 9517 9845 10174 10502 10830

22280 6752 7089 7427 7764 8101 8439 8777 9115 9452 9790 10127 10465 10802 11140

22900 6939 7286 7633 7980 8327 8674 9021 9368 9715 10062 10409 10756 11103 11450

23520 7127 7483 7840 8196 8553 8909 9265 9622 9978 10335 10691 11047 11404 11760

24140 7315 7681 8047 8412 8778 9144 9510 9875 10241 10607 10972 11338 11704 12070

24760 7503 7878 8253 8628 9004 9379 9754 10129 10504 10879 11254 11630 12005 12380

25380 7691 8075 8460 8845 9229 9614 9998 10383 10767 11152 11536 11921 12305 12670

26000 7879 8273 8667 9061 9454 9848 10242 10636 11030 11424 11818 12212 12606 13000

26620 8067 8470 8873 9277 9680 10083 10487 10890 11293 11697 12100 12503 12907 13310

27300 8273 8686 9100 9514 9927 10341 10755 11168 11582 11995 12409 12823 13236 13650

27980 8479 8712 9127 9542 9956 10371 10786 11200 11616 12031 12445 12860 13275 13690

28660 8685 9119 9553 9988 10422 10856 11290 11725 12159 12593 13027 13462 13896 14330

29340 8891 9335 9780 10225 10669 11114 11558 12003 12447 12892 13336 13781 14225 14670

30020 9097 9552 10007 10462 10916 11371 11826 12281 12736 13191 13645 14100 14555 15010

30700 9303 9768 10233 10698 11164 11629 12094 12559 13024 13489 13955 14420 14885 15350

31600 9576 10055 10533 11012 11491 11970 12448 12927 13406 13885 14364 14842 15321 15800

32600 9879 10373 10867 11361 11855 12348 12842 13336 13830 14324 14818 15312 15806 16300

Chapter Xxiv

Documents

Transcript of Chapter Xxiv