The Gazette of India
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 85] NEW DELHI, MONDAY, APRIL 22, 2002/VAISAKHA 2, 1924 2 THE GAZETTE OF INDIA: EXTRAORDINARY [PART III—SKC. 4] 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
PUNJAB AND SIND BANK
NOTIFICATION
New Delhi, the 22nd April, 2002
No. PSB/PEN/AMEND/1/2002.—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, 1980 (40 ofl980), theBoard of Directors of Punjab and Sind Bank in consultation with the Reserve Bank of India and with the previous sanction of the Central Government, hereby makes the following regulations further to amend the Punjab and Sind Bank (Employees') Pension Regulations, 1995, namely :—
1. (1) These reqularions may be called Pubjab and Sind Bank (Employees') Pension (Amendment) Regu- lations, 2002.
' ' (2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Punjab and Sind Bank (Employees') Pension Regulations, 1995, for regulation 28, the following regula- tion shall be substituted, namely :—
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 31-8-2000 The scheme, inter aha, provided that employees who have rendered 15 years' service are eligible foT the Scheme. According to the existing provisions in the pen- sion regulations, it is Only employees who opt 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 ben- efits. The eligibility criteria and the benefits flowing out of the above provisions in the Pension Regulations are dis- tinct and separate from that envisaged under VRS circu- lated 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 benefit of pro-rata pen- sionary benefits to members of Pension Fund who opt for voluntary retirement under specified scheme(s), 2. It is, therefore, necessary that the amendment may be made effective from 1st September, 2000 so that all employ- ees who are members of the Pension Fund and have taken voluntary retirement under the scheme after complelion of 15 years of service can draw the benefit of pension.
3 It is certified that no employee/officer of the Punjab and Sind Bank is likely to be affected adversely by the Notifica- tion being given retrospective effect.
S AROOP SINGH, Dy. General Manager (Personnel) . 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 1st day of September, 2000 persion shall also be granted to an employee who opts to Foot Note: The principal Regulations were notified in the Gazette of India (Extraordinary) on 29-9-1995 and subse- quent amendmcnt(s) to the Pubjab and Sind Bank (Em- ployees') Pension Regulations, 1995, were published in the Gazette as per details given below :
S.No. Notification No Date I PSB/PEN/AMEND/1/99 • 9-9-1999