Background for Pension Facilities in Banking Industry in India :
The present guidelines indicate that employees who have joined in the service of the bank on or after 29-09-1995 are automatically covered under the Pension Scheme. However, employees who were in the serving in the banks up to 28.09.1995 have to opt for Pension. This option was allowed as one time exercise in 1995, and employees who opted for Pension were not eligible for the bank contribution to PF.
A) Various Types of Pension
The following types of Pension are normally available to employees in banks, under Employees Pension Regulations, 1995:-
