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WELCOME TO MY BLOG!
WELCOME TO MY BLOG!

Dear reader!


*Please send news related to Bank Employees and your Queries, to my e-mail vetrinicchayam@gmail.com*

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*****CURRENT NEWS******

*****CURRENT NEWS******

ONE DAY STRIKE ON 7th JANUARY 2015

FOUR DAYS STRIKE FROM

21st JANUARY to 24th JANUARY 2015

and if the issue remained still unresolved

INDEFINITE STRIKE FROM 16th MARCH 2015

Thus Ten Lakhs Bank employees and officers working in more than 85000 Branches all over the country will observe the strike as per the call of the UFBU.

*************************************************************************

*Consumer Price Index number for July is 252 & for Aug& Sep is 253 i.e 8.66s point over average of last quarter.

Hence D.A from Nov 2014 is 732 slabs(+49slabs)
i.e 109.80% (+7.35%)

* Revised LFC encashment amount from 25.06.2014!

*Compassionate appointment for Bank Employees restored from 05.08.2014!

LATEST BANKING NEWS

Saturday, December 25, 2010

CLARIFICATION ON PENSION FOR EMPLOYEES DIED AFTER 27.04.2010

Here is the clarification received from IBA regarding Pension and Computation
for Bank employees who died after 27.04.2010.
Text of IBA Circular:
      HR & INDUSTRIAL RELATIONS
      No. CIR/HR & IR/G2/665/90/2010-11/2076                                                 December 21, 2010

Designated officers of banks which are parties to the
9th Bipartite Settlement /Joint Note dated 27.4.2010

Dear Sirs,
Pensionary benefits to employees who were in service of the banks as on 27.04.2010 and died thereafter

Reference is invited to the Clause 2(i) of Pension Settlement dated 27.4.2010 and Clause 2(a) of Joint Note dated 27.4.2010 by which employees who were in service of the banks prior to 29.9.1995 / 26.3.1996 and continue in service as on 27.4.2010 are eligible for another option for joining the existing Pension Scheme upon their agreeing to transfer the PF balance to Pension Fund and additionally contribute an amount equal to 2.8 times of the ‘pay’ of November, 2007 in the case of serving employees and refund of entire amount of the bank’s contribution to provident fund and interest accrued thereon received by them at the time of retirement together with additional contribution of 56% of the provident fund and interest thereon mentioned above in the case of retired employees.


We have been receiving queries from banks as to whether the family of employees are eligible for commutation of pension in the case of employees who are eligible to exercise the option in terms of Settlement / Joint Note dated 27.04.2010 but died on or after 27.4.2010.

we advise that the family of the employee eligible to exercise the option who died on or after 27.4.2010 shall be entitled for full pension from 27.11.2009 or from the date of retirement which ever is later till the date of death and family pension thereafter.  They will also be eligible for commutation of pension; provided they comply with the terms of the settlement / Joint Note as mentioned in Para 1 above.

Banks may please be guided as above.
Yours faithfully,
Sd.. K. UNNIKRISHNAN
DEPUTY CHIEF EXECUTIVE 

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