State Bank of India Employees’ Pension Fund (Second Amendment) Regulations, 2024

State Bank of India Employees’ Pension Fund (Second Amendment) Regulations, 2024

STATE BANK OF INDIA

NOTIFICATION

Mumbai, the 4th November, 2024

No. HR/P&PMD/SPL/SP/2024-25/7.—In exercise of the powers conferred by sub-section (1) read with clause (o) of sub-section (2) of section 50 of the State Bank of India Act, 1955 (23 of 1955), the Central Board of the State Bank of India, after 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 State Bank of India Employees’ Pension Fund Regulations, 2014, namely: —

1. (1) These regulations may be called the State Bank of India Employees’ Pension Fund (Second Amendment) Regulations, 2024.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the State Bank of India Employees’ Pension Fund Regulations, 2014, in regulation 23, — (A) in sub-regulation (2), before the last proviso, the following proviso shall be inserted, namely:—

“Provided also that with effect from the 1st November, 2022 and upto and inclusive of the 9th November, 2023, the maximum amount of pension for the members who retired drawing substantive salary in the Pay Scales effective from the 1st November, 2022 shall be computed till further amendments in this regard, as under—

(a) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is up to rupees one lakh fourteen thousand two hundred twenty per month, fifty percent of the average of monthly substantive salary drawn during the last twelve months’ pensionable service plus half of Professional Qualification Pay plus half of increment component of Fixed Personal Pay, wherever applicable (pro-rata in the case of part-time employees); and

(b) where the average of monthly substantive salary drawn during the last twelve months’ pensionable service is above rupees one lakh fourteen thousand two hundred twenty per month, forty percent of the average of monthly substantive salary drawn during the last twelve months’ pensionable service subject to minimum of rupees fifty seven thousand one hundred ten per month plus half of Professional Qualification Pay plus half of increment component of Fixed Personal Pay, wherever applicable (pro-rata in the case of part-time employees):”;

(B) in sub-regulation (15), after clause (iii), the following clause shall be inserted, namely:—

“(iv) In respect of employees who retired or retire on or after the 1st November, 2022, Dearness Relief shall be payable at one percent per percentage point of Index on the Basic Pension or Family Pension. The Dearness Relief in the above manner shall be paid half yearly for every variation of rise or fall over 123.03 points in the quarterly average of the All India Consumer Price Index for Industrial Workers in the series 2016=100.”.

RAJEEV KUMAR, Chief General Manager (HR).
[ADVT.-III/4/Exty./660/2024-25]

Note. — The principal regulations were published in the Gazette of India, Extraordinary, Part III, Section 4, dated the 18th September 2014 vide No. CDO/PM/16/ SPL/1136, dated the 15th September, 2014 and were subsequently amended vide notification numbers BOD&GO/VVK/470, dated the 4th October, 2017, number HR/PPG/PA/19- 20/122, dated the 1st June, 2019, number HR/PPG/SKN/2020-21/206, dated 3rd December, 2020 and number HR/P&PMD/SPL/SP/2023-24/29, dated 18th March, 2024.

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