Bank of India (Employees’) Pension (Amendment) Regulations, 2023
BANK OF INDIA
(Human Resources Department)
NOTIFICATION
Mumbai, the 6th October, 2023
F.No. HO:HR:TBD:2023-24:319—In exercise of the powers conferred by sub-section (1) and clause (f) of sub-section (2) of section 19 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), the Board of Directors of the Bank of India, after consultation with Reserve Bank of India and with the previous sanction of the Central Government, hereby makes the following regulations further to amend the Bank of India (Employees’) Pension Regulations,1995, namely:—
1. Short title and commencement.—(1) These regulations may be called the Bank of India (Employees’) Pension (Amendment) Regulations, 2023.
(2) Save as otherwise expressly provided in these regulations, they shall come into force on the date of their publication in the Official Gazette.
2. In the Bank of India (Employees’) Pension Regulations, 1995 (hereinafter referred to as the said regulations), in regulation 27, for the note, the following note shall be substituted, namely:—
“Note 1: With effect from 1st November 2012, for the purpose of calculating the amount of pension in respect of permanent part-time employees in scale wages who are covered by the Pension Scheme, their actual service shall be reckoned for qualifying service and not pro-rata.
Note 2: The actual service or qualifying service shall be calculated from the date of recruitment or appointment as permanent part-time employee in scale wages or from 1st September, 1978 whichever is later.”.
3. In regulation 36 of the said regulations, after clause (e), the following clause shall be inserted, namely:—
“(f) rupees two thousand seven hundred and eighty-five per month in respect of an employee, other than a part- time employee, where the employee retired on or after 1st day of November 2012, rupees nine hundred and thirty two per month in respect of a part-time employee drawing 1/3 scale of wages, rupees one thousand three hundred and ninety-seven per month in respect of part-time employee drawing ½ scale wages, and rupees two thousand and ninety-six per month in respect of a part-time employee drawing ¾ scale wages, where the part- time employee retired on or after the 1st day of November 2012.”.
4. In regulation 40 of the said regulations,—
(a) in sub-regulation (1), —
(i) in clause (b), for the first proviso, the following proviso shall be substituted, namely:—
“Provided that the family pension payable to son or daughter (including widowed or divorced) shall be discontinued or not be admissible when the eligible son or daughter starts earning a sum in excess of rupees ten thousand per month from employment in Government or private sector or self-employment, etc.”;
(ii) for clause (c), the following clause shall be substituted, namely:—
“(c) in the case of parents, the family pension shall be discontinued or not admissible if the income of one of the parents or the aggregate income of both the parents from employment in Government or Private sector or self-employment, etc. exceeds rupees ten thousand per month.”;
(b) in sub-regulation (4),—
(i) in clause (a), after sub-clause (v), the following sub-clause shall be inserted, namely:—
“(vi) eighteen thousand five hundred and sixty-eight rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2012.”;
(ii) in clause (b), after sub-clause (v), the following sub-clause shall be inserted, namely:—
“(vi) eighteen thousand five hundred and sixty-eight rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2012.”;
(iii) in clause (c), after the sub-clause (v), following sub-clause shall be inserted, namely:—
“(vi) nine thousand two hundred and eighty-four rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2012.”.
5. In Appendix II to the said regulations, in clause (4), after the second proviso, the following proviso shall be inserted, namely:—
“Provided also that in respect of employees who retired on or after 1st day of November 2012, dearness relief shall be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 4440 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers in the series 1960=100 and such increase or decrease in dearness relief for every said 4 points shall be calculated at the rate of 0.10 per cent. of basic pension.”.
6. In Appendix III to the said regulations, after clause (e), the following clause shall be inserted, namely:—
“(f) In respect of employees (both officers and workmen) other than part-time employees retiring on or after 1st day of November 2012:-
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Scale
of pay per month
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Amount of monthly family pension
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(1)
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(2)
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Upto Rs.11,100
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30 per cent. of the pay shall be the basic family pension
and additional 30 per cent of allowance which are counted
for making contribution to Provident Fund but not for
dearness allowance, shall be the additional family pension:
Provided that the aggregate of basic and additional family
pension shall be subject to a minimum of Rs.2785
per month.
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Rs.11,101 to Rs. 22,200
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20 per cent of the pay shall be basic family pension and
additional 20 per cent of allowance which are counted for
making contributions to Provident Fund but not for dearness
allowance, shall be the additional family pension:
Provided that the aggregate of basic and additional
family pension shall be subject to minimum of Rs.3422 per
month.
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Above Rs.22,200
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15 per cent of the pay shall be the basic family pension
and additional 15 per cent. of allowances which are
counted for making contributions to Provident Fund but
not for the dearness allowance, shall be the additional
family pension:
Provided that the aggregate of basic and additional family
pension shall be subject to a minimum of Rs.4448 per
month and maximum of Rs.9284 per month.”.
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Explanatory Memorandum
The regulations which have been given retrospective effect are as per the agreed terms and conditions of the settlement and Joint Note signed between the Indian Banks’ Association on behalf of member banks on the basis of specific mandate given by the respective banks in this regard and apex level workmen unions and officers’ associations of the Banks. Therefore, interests of no person shall be adversely affected by such retrospective effect.
SHIV BAJRANG SINGH, Chief General Manager (HR)
[ADVT.-III/4/Exty./499/2023-24]
Note: The principal regulations were published in the Gazette of India, vide notification number TBD:PC:HDP, dated the 29th September,1995 and lastly amended vide notification number HO:TBD:2878, dated the 10th January, 2018 published in Part III, Section 4 of the Gazette of India, dated the 3rd February, 2018.
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