CHAPTER – XXIV
STAFF PENSION SCHEME
INDIAN OVERSEAS BANK (EMPLOYEES’) PENSION REGULATIONS 1995
The Pension Scheme in our Bank is introduced under Indian Overseas Bank
(Employees’) Pension Regulations, 1995, which has been approved by Our Board of
Directors and published in the Official Gazette on 29.09.1995 as per Section 19(1)
of the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. These
regulations are effective from the Notified date, i.e.29.09.1995.
In these Regulations, unless the context otherwise requires.
Act means the Banking Companies (Acquisition and Transfer of Undertakings)
Average Emoluments means the average of the pay drawn by an employee
during the last ten months of his service in the Bank.