THE GAZETTE OF INDIA EXTRAORDINARY

[PARTIE-^SEC 4]

PUNJAB NATIONAL BANK

(Head Office)

NOTIFICATION

New Delhi, the 27th March, 2002

No. HRDD/IR/BS-25(P).—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

Punjab National Bank in consultation with the Reserve Bank of Tndia and with the previous sanction of the Central'

Government, hereby make the following regulations further to amend the Puniab National Bank (Employees') Pension

Regulations, 1995 namely —

1(1) These Regulations may be called Punjab National Bank (Employees') Pension (Amendment) regulations,

2002

(2) They shall come into force on the date of their publication in the Official Gazette

2 Inthe Punjab National Bank (Employees¹) Pension Regulations, 1995, for regulation 28, the following regula-

tion shall be substituted, namely —

"28 Superannuation Pension:

Superannuation Pension shall be granted to an employee who has retired on his attaining the age of superan-

nuation specified in the Service Regulations or Settlements

Provided that, with effect from 1st Sept 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

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 31-8-2000. The Scheme, inter alia, provided that

employees who have rendered 15 years' service arc 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 Regulation 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 benefit of pro-

rata pensionary benefits to members of Pension Fund who opt for voluntary retirement under specified schcme(s).'

2. It is, therefore, necessary that the amendment may be made effective from 1st Sept. 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 servi ce can draw the benefit of pension

3. It is certified that no employee/officer of the Punjab National Bank is likely to be affected adversely by the

Notification being given retrospective effect."

K. N, PRITHVIRAJ, General Manager

[ADVT/m/IV/129/02-Exty.]

Foot Note,—The principal Regulations were notified the Gazette of India (Extraordinary) on 29-9-1995 and subsequent

amcndment(s) to the Punjab National Bank (Employees') Pension Regulations, 1995 were published in the Gazette as

per details given below.

S.No.

Notification No

Dated

27-3-1999

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