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

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

STATE BANK OF INDIA

NOTIFICATION

Mumbai, the 18th March, 2024

No. HR/P&PMD/SPL/SP/2023-24/29.—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 (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 (hereinafter to be referred as the said regulations), in regulation 23, —

(A) in sub-regulation (2), —

(i) in the second proviso, for the words and brackets, “All India Working Class Consumer Price Index (General) Base”, the words “All India Consumer Price Index for Industrial Workers in the series” shall be substituted;

(ii) after the existing provisos, the following proviso shall be inserted at the end, namely:—

“Provided also that with effect from the 1st November, 2017, the maximum amount of pension for the members who retired or retire drawing substantive salary in the Pay Scales effective from the 1st November, 2017 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 eighty thousand four hundred fifty per month, fifty per cent 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 eighty thousand four hundred fifty per month, forty per cent of the average of monthly substantive salary drawn during the last twelve months’ pensionable service subject to minimum of rupees forty thousand two hundred twenty five 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):

Provided also that with effect from the 10th November, 2023, notwithstanding the date of retirement or the Pay Scales in which the monthly substantive salary during the last twelve months’ pensionable service is drawn, the maximum amount of pension for the members who retired or retire shall be computed at the rate of fifty per cent 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).

Explanation. — The above proviso shall apply prospectively, and the pension shall be computed and payable under this proviso with effect from the 10th November, 2023.”;

(B) for sub-regulation (7), the following sub-regulation shall be substituted, namely: — “(7) In the event of death of a member—

(a) while in service of the Bank after completion of pensionable service of one year; or
(b) after retirement, the trustees may sanction family pension to the dependent(s) of the employee on the terms and conditions approved by the Central Board:

Provided that in the event of death of a member, the moneys payable to him on account of pension, as arrears of pension or otherwise accrued, shall be payable in the manner specified in the regulation 23A. For the sake of clarity, the moneys referred in this proviso does not include family pension.”;

(C) for sub-regulation (8), the following sub-regulation shall be substituted, namely: —

“(8)(a) In the case of members who ceased to be in the Bank’s pensionable service prior to the 1st November, 1987 (excluding the 1st November, 1987), dearness relief shall be payable at the uniform rate of 0.67% per slab over 600 Points in the quarterly average of the All India Consumer Price Index for Industrial Workers in the series 1960=100, subject to necessary adjustment suitably up to 600 points.

(b) Such increase or decrease in dearness relief for every said four points shall be calculated in the manner given below:—

TABLE

(D) for sub-regulation (9), the following sub-regulation shall be substituted, namely: —

“(9)(a) In the case of members who ceased to be in the Bank’s pensionable service from the 1st November, 1987 to the 31st October, 1992 (Award Staff) or the 30th June, 1993 (Supervising Staff), dearness relief shall be payable at the uniform rate of 0.67% per slab over 600 Points in the quarterly average of the All India Consumer Price Index for Industrial Workers in the series 1960=100, subject to necessary adjustment suitably up to 600 points.

(b) Such increase or decrease in dearness relief for every said four points shall be calculated in the manner given below:—

TABLE

(E) for sub-regulation (10), the following sub-regulation shall be substituted, namely: —

“(10)(a) In the case of members who ceased to be in the Bank’s pensionable service on or after the 1st November, 1992 (Award Staff) or the 1st July, 1993 (Supervising Staff), dearness relief shall be payable at the uniform rate of 0.35 % per slab over 1148 points in the quarterly average of the All India Consumer Price Index for Industrial Workers in the series 1960=100, subject to necessary adjustment suitably up to 1148 points.

(b) Such increase or decrease in dearness relief for every said four points shall be calculated in the manner given below:—

TABLE

(F) in sub-regulation (12), for clause (iii), the following shall be substituted, namely: —

“(iii)(a) in the case of members who ceased to be in the Bank’s pensionable service on or after the 1st November, 1997 (Award Staff) or the 1st April, 1998 (Supervising Staff) and prior to the 1st November, 2002, dearness relief shall be payable at the uniform rate of 0.24 % per slab over 1684 points in the quarterly average of the All India Consumer Price Index for Industrial Workers in the series 1960=100, subject to necessary adjustment suitably up to 1684 points.

(b) Such increase or decrease in dearness relief for every said four points shall be calculated in the manner given below:

TABLE

(G) in sub-regulation (15),—

(i) in clauses (i) and (ii), for the words and brackets “All India Average Working Class Consumer Price Index (General) Base”, the words “All India Consumer Price Index for Industrial Workers in the series” shall be substituted;

(ii) after clause (ii), the following clause shall be inserted, namely:—

“(iii) In respect of employees who retired or retire on or after the 1st November, 2017, dearness relief on pension shall be payable on half-yearly basis for every rise or be recoverable for every fall, as the case may be, of every 4 points over 6352 points in the quarterly average of the All India Consumer Price Index for Industrial Workers in the series 1960=100 at 0.07 per cent of the basic pension.”…………………………… Read more.

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