The Gazette of India
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 68] NEW DELHI, THURSDAY, APRIL 4, 2002/CHAITRA14, 1924 2 THE GAZETTE OF INDIA: EXTRAORDINARY [PART HI—SEC. 4]
BANK OF INDIA
(Head Office)
NOTIFICATION
Mumbai, the 18th March, 2002
No. TBD:PC:2001-02/l.—In exercise of the powers conferred by section 19, read with sub-section (2) of section 12 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) the Board of Directors of Bank of India in consultation with the Reserve Bank of India and with previous sanction of the Central Government, hereby makes the following regulations further to amend the Bank of India (Employees') Pension Regulations, 1995, namely:— ,
1.(1) These regulations may be called Bank of India (Employees') Pension (Amendment) Regulations, 2002, (2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Bank of India (Employees') Pension Regulations, 1995, for regulation 28, the following regulation shall be substituted, namely : — 28. Superannuation Pension
Superannuation Pension shall be granted to an employee who has retired on his attaining the age of superannuation specified in the Service regulations or Settlements:
Provided that with effect from 1 st day of September, 2000 pension shall also be granted to an employee who opts _ to retire before attaining the age of superannuation, but after rendering service for a minimum period of 15 years in terms of any Scheme that may be framed for such purpose by the Board with the approval of the Government.
EXPLANATORY MEMORANDUM
1. Indian Banks' Association, after taking a no-objection from the Government of India, circulated a model Voluntary Retirement Scheme (VRS) to all the Public Sector Banks on 31-08-2000. The Scheme, inter alia, provided that employees who have rendered 15 years' service are eligible for the Scheme According to the existing provisions in the pension regulations, it is only employees who opt for voluntary retirement after completing 20 years' of qualifying service and after giving notice of not less than 3 months in writing to the appointing authority, are eligible for pensionary benefits. The eligibility criteria and the benefits flowing out of the above provisions in the Pension regulations are distinct and separate from that envisaged under VRS circulated on 31-8-2000. There are no provisions available in the Pension Regulations for extending pensionary benefits to a member employee who retires before attaining the age of superannuation under such specific schemes. It has been, therefore, decided to provide the benefits of pro-rala pensionary benefits to members of Pension Fund who opt for voluntary retirement udner specified scheme(s).
2. It is, therefore, necessary that the amendment may be made effective from 1st September, 2000 so that all employees who are members of the Pension Fund and have taken voluntary retirement under the scheme after completion of 15 years of service can draw the benefits of pension.
3. It is certified that no employee/officer of the Bank of India is likely to be affected adversely by the Notification being given retrospective effect.
S RANGARAJAN, Dy General Manager
[No. Advt./ni/IV/58/02-Exty.] Foot Note:— The principal Regulations were notified in the Gazette of India (Extraordinary) on 29-09-1995 and subsequent amendment to the Bank of India (Employees') Pension Regulations, 1995, were published in the Gazette as per details (riven below:
Sr.No.
Notification No.
Date
1.
19
12-05-2001.