Home India Union Bank of India In exercise of the powers conferred by sub section 1 and cla...
Date: 18-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sub section 1 and clause f of sub section 2 of section 19 of the Banking Companies

Issued by Union Bank of India · Not Applicable

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The gazette notification pertains to the amendment of the Union Bank of India (Employees’) Pension Regulations, 1995.
  • These amendments are called the Union Bank of India (Employees’) Pension (Amendment) Regulations, 2023.
  • Unless otherwise stated, the amendments take effect from the date of their publication in the Official Gazette, which is October 18, 2023.

Key Changes

  • Regulation 27 is amended to specify that for permanent part-time employees in scale wages covered by the Pension Scheme, effective November 1, 2012, their actual service will be considered for pension calculation instead of pro-rata.
  • The actual or qualifying service for these employees will be calculated from the date of recruitment/appointment as a permanent part-time employee or from September 1, 1978, whichever is later.
  • Regulation 36 is amended to include a fixed monthly amount as a component of pension for employees who retired on or after November 1, 2012. The amount varies based on whether the employee was full-time or part-time and, for part-time employees, on their scale of wages. Specifically, ₹2,785 per month for full-time employees, ₹932 for 1/3 scale part-time, ₹1,397 for 1/2 scale part-time, and ₹2,096 for 3/4 scale part-time employees.
  • Regulation 40 is amended to revise the conditions for family pension eligibility. Family pension to a son or daughter is discontinued if they earn more than ₹10,000 per month from employment or self-employment. Similarly, family pension to parents is discontinued if either parent's income or their combined income exceeds ₹10,000 per month.
  • Regulation 40 is further amended to specify a fixed monthly amount of ₹18,568 for employees (officers and workmen) who retired or died on or after November 1, 2012. For those eligible for a fraction of this amount, the payable amount is ₹9,284.
  • Appendix II is amended to state that for employees who retired on or after November 1, 2012, dearness relief will be adjusted for every 4-point change above 4440 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers (1960=100 series). The adjustment will be 0.10% of the basic pension for every such 4-point change.
  • Appendix III is amended to include a clause (f) which provides a formula for calculating monthly family pension for employees (both officers and workmen) other than part-time employees retiring on or after November 2012. The basic family pension is calculated as a percentage of pay (30%, 20%, or 15% depending on the pay slab) with an additional percentage of allowances. Minimum and maximum limits are set for the aggregate of basic and additional family pension, varying from ₹2,785 to ₹9,284 per month.

Impact Analysis

Union Bank of India

  • The bank will incur additional costs due to the increased pension benefits, particularly for those who retired on or after November 1, 2012.

Employees and Pensioners

  • Pensioners will see adjustments in their dearness relief based on the All India Average Consumer Price Index.

Government

  • The Reserve Bank of India was consulted, highlighting its role in regulating the banking sector.

Action Items

  • RBI and Central Government to note the changes in pension regulations for Union Bank of India.

Key Entities Referenced

Union Bank of India: The banking company whose employee pension regulations are being amended. Reserve Bank of India (RBI): The central bank of India, consulted in the amendment process. Central Government: The government body that provided previous sanction for the amendments. Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970: The Act under which the Board of Directors of Union Bank of India exercises its powers to amend pension regulations. Union Bank of India (Employees’) Pension Regulations, 1995: The original pension regulations being amended by this notification. Indian Banks’ Association: Represents member banks and signs agreements related to these regulations.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-18102023-249555 xxxGIDHxxx CG-MH-E-18102023-249555 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 711] िई ददल्ली, ब धवार, अक्त बू र 18, 2023/आज‍व ि 26, 1945 No. 711] NEW DELHI, WEDNESDAY, OCTOBER 18, 2023/ASVINA 26, 1945 यजू ियि बकैं ऑफ इंजडया (मािव ससं ाधि जवभाग) अजधसचू िा म ंबई, 4 अक् तूबर, 2023 एफ़ स.ं - य बीआई /एच आर/ २२३०० (ई).—बैंककारी कंपिी (उपक्रमों का अिजि और अंतरण) अजधजियम, 1970 (1970 का 5), की उपधारा (1) और धारा 19 की उपधारा (2) का खण्ड (एफ) में प्रदत्त िजियों का प्रयोग करते हुए यूजियि बैंक ऑफ इंजडया का जिदेिक मंडल, भारतीय ररिवज बैंक से परामिज के बाद और केंद्र सरकार की जपछली मंिूरी के साथ यूजियि बैंक ऑफ इंजडया (कमजचारी’) पेंिि जवजियम, 1995 म ें संिोधि करत े हुए जिम्नजलजखत जवजियम बिाता ह,ै अथाजत :— 1. संजिप्त िीर्कज और प्रारंभ.—(1) इि जवजियमों को यूजियि बैंक ऑफ इंजडया (कमजचारी’) पेंिि (संिोधि) जवजियम, 2023 कहा िाएगा. (2) इि जवजियमों म ें स्ट्पष्ट रूप से अन्यथा वर्णतज प्रावधािों को छोड़कर, इन्ह ें आजधकाररक रािपत्र म ें उिके प्रकािि की तारीख से प्रभावी समझा िाएगा. 6638 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 2. यूजियि बैंक ऑफ इंजडया (कमजचारी’) पेंिि जवजियम, 1995 (इसके बाद जिन्ह ें उि जवजियम के रूप में संदर्भजत दकया गया ह)ै के जवजियम 27 म,ें िोट के स्ट्थाि पर जिम्नजलजखत िोट को प्रजतस्ट्थाजपत दकया िाएगा, अथाजत:— “िोट 1: ददिांक 01 िवंबर, 2012 से प्रभावी, वेतिमाि म ें स्ट्थायी अिं काजलक कमजचाररयों के संबंध में, िो पेंिि योििा के तहत िाजमल दकए गए ह,ैं पेंिि की राजि की गणिा के उद्दे‍य से अहकज सेवा के जलए यथािप ात िहीं, उिकी वास्ट्तजवक सेवा की गणिा की िाएगी. िोट 2: वास्ट्तजवक सेवा या अहकज सेवा की गणिा, वेतिमाि में स्ट्थायी अिं काजलक कमजचारी के रूप में भती या जिय जि की तारीख से या ददिाकं 01 जसतंबर, 1978 से, िो भी बाद में हो, से की िाएगी.” 3. उि जवजियमों के जवजियम 36 म,ें खण्ड (ई) के बाद, जिम्नजलजखत खण्ड को िाजमल दकया िाएगा, अथाजत:— “(एफ) अंिकाजलक कमजचारी के अलावा, कमजचारी के संबंध म,ें िहां कमजचारी ददिांक 1 िवंबर, 2012 को या उसके बाद सेवाजिवृत्त हुआ हो, दो हिार सात सौ पचासी रुपये प्रजत माह, वेतिमाि का 1/3 वेति लिे े वाल े अंिकाजलक कमजचारी के संबंध में प्रजत माह िौ सौ बत्तीस रुपये, ½ वेतिमाि प्राप्त करिे वाल े अंिकाजलक कमजचारी के संबंध में एक हिार तीि सौ सत्तािवे रुपये प्रजत माह और ¾ वेतिमाि आहररत करिे वाल ेअंिकाजलक कमजचारी के संबंध में, िहां अंिकाजलक कमजचारी ददिांक 1 िवंबर, 2012 को या उसके बाद सेवाजिवृत्त हुआ हो, दो हिार जछयािवे रुपय े प्रजत माह." 4. उि जवजियमों के जवजियम 40 म,ें — (ए) उप-जवजियम (1) म,ें — (i) खंड (बी) म,ें पहल े प्रावधाि के स्ट्थाि पर, जिम्नजलजखत प्रावधािों को प्रजतस्ट्थाजपत दकया िाएगा, अथाजत:् — "बित े दक प त्र या प त्री (जवधवा या तलाकि दा सजहत) को देय पाररवाररक पेंिि बंद कर दी िाएगी या स्ट्वीकायज िहीं होगी, िब पात्र प त्र या प त्री सरकारी या जििी िेत्र में रोिगार या स्ट्वरोिगार आदद से प्रजत माह दस हिार रुपये स ेअजधक की राजि अर्िजत करिा िरू करते ह.ैं "; (ii) खंड (सी) के स्ट्थाि पर जिम्नजलजखत खंड को प्रजतस्ट्थाजपत दकया िाएगा, अथाजत:् — "(सी) माता-जपता के मामले म,ें पाररवाररक पेंिि बंद कर दी िाएगी या स्ट्वीकायज िहीं होगी यदद माता- जपता में से दकसी एक की आय या माता-जपता दोिों की क ल आय सरकारी या जििी िेत्र या स्ट्वरोिगार आदद म ेंप्रजत माह दस हिार रुपये से अजधक ह"ै ; (बी) उप-जवजियम (4) म,ें — (i) खंड (ए) म,ें उप-खंड (v) के पश्चात, जिम्नजलजखत उप-खंड को िोड़ ददया िाएगा, अथाजत ् “(vi) ददिांक 1 िवंबर, 2012 को या उसके पश्चात सेवाजिवृत्त या मृत कमजचाररयों, अजधकाररयों और कामगार दोिों के संबंध म,ें प्रजत माह अठारह हिार पांच सौ अड़सठ रुपये देय होगा.";[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 (ii) खंड (बी) म,ें उप-खंड (v) के पश्चात, जिम्नजलजखत उप-खंड को िोड़ ददया िाएगा, अथाजत:् — “(vi) ददिांक 1 िवंबर, 2012 को या उसके पश्चात सेवाजिवृत्त या मृत कमजचाररयों, अजधकाररयों और कामगार दोिों के संबंध में प्रजत माह अठारह हिार पांच सौ अड़सठ रुपये देय होगा."; (iii) खंड (सी) म,ें उप-खंड (v) के पश्चात, जिम्नजलजखत उप-खंड को िोड़ ददया िाएगा, अथाजत:् — “(vi) ददिांक 1 िवंबर, 2012 को या उसके पश्चात सेवाजिवृत्त या मृत कमजचाररयों, अजधकाररयों और कमजकार दोिों के संबंध में प्रजत माह िौ हिार दो सौ चौरासी रुपए देय होगा”. 5. उि जवजियमों के पररजिष्ट II में, खंड (4) म,ें दसू रे प्रावधाि के पश्चात, जिम्नजलजखत प्रावधािों को िाजमल दकया िाएगा, अथाजत:् — "बित े यह भी दक 1 िवंबर, 2012 को या उसके पश्चात सवे ाजिवृत्त होिे वाले कमजचाररयों के संबंध में, महगं ाई राहत प्रत्येक वृजि के जलए देय होगी या प्रत्येक जगरावट के जलए वसूली योग्य होगी, िैसा भी मामला हो, जतमाही म ें 4440 अंकों से अजधक प्रत्येक 4 अंक 1960 = 100 िृंखला म ें औद्योजगक श्रजमकों के जलए अजखल भारतीय औसत उपभोिा मूल्य सूचकांक का औसत और प्रत्येक उि 4 अंकों के जलए महगं ाई राहत में इस तरह की वृजि या कमी की गणिा मूल पेंिि के 0.10 प्रजतित की दर स ेकी िाएगी.” 6. उि जवजियमों के पररजिष्ट III म,ें खंड (ई) के पश्चात, जिम्नजलजखत खडं को िोड़ ददया िाएगा, अथातज :् — “(एफ) िवंबर, 2012 के पहल े ददि या उसके पश्चात सवे ाजिवृत्त होिे वाले अंिकाजलक कमजचाररयों के अजतररि कमजचाररयों (अजधकारी एव ंकमजचारी दोिों) के संबंध म:ें प्रजत माह वते िमाि माजसक पाररवाररक पिें ि की राजि (1) (2) रु.11,100 तक वेति का 30 प्रजतित मूल पाररवाररक पेंिि होगा और भत्ते का अजतररि 30 प्रजतित जिसकी गणिा महगं ाई भत्ते के जलए िहीं बजल्क भजवष्य जिजध में योगदाि करिे हेत की गई, अजतररि पाररवाररक पेंिि होगा: बिते दक मूल एवं अजतररि पाररवाररक पेंिि का योग न्यूितम रु.2785 प्रजत माह के अधीि होगा. रु.11,101 से वेति का 20 प्रजतित मूल पाररवाररक पेंिि होगा और भत्ते का अजतररि 20 प्रजतित जिसकी गणिा रु.22,200 तक महगं ाई भत्ते के जलए िहीं बजल्क भजवष्य जिजध में योगदाि करिे हेत की गई, अजतररि पाररवाररक पेंिि होगा: बिते दक मूल एवं अजतररि पाररवाररक पेंिि का योग न्यूितम रु.3422 प्रजत माह के अधीि होगा. रु.22,200 से अजधक वेति का 15 प्रजतित मूल पाररवाररक पेंिि होगा और भत्ते का अजतररि 15 प्रजतित जिसकी गणिा महगं ाई भत्ते के जलए िहीं बजल्क भजवष्य जिजध में योगदाि करिे हेत की गई, अजतररि पाररवाररक पेंिि होगा: बिते दक मूल एवं अजतररि पाररवाररक पेंिि का योग न्यूितम रु.4448 प्रजत माह एवं अजधकतम रु. 9284 प्रजत माह के अधीि होगा.”4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] स्ट्पष्टीकरण ज्ञापि जवजियम जिन्ह ें पूव ज प्रभाव से लागू दकया िाता ह,ै संबंजधत बैंकों द्वारा इस संबंध म ें ददय े गए जवजिष्ट अजधदेि के आधार पर सदस्ट्य बैंकों की ओर स े भारतीय बैंक संघ तथा बैंकों के िीर्स्ट्ज तरीय कमजचारी यूजियि एवं अजधकारी संघों द्वारा हस्ट्तािररत समझौते एवं संय ि ज्ञापि के जिबंधि एव ं ितों के अि सार ह.ै इस प्रकार ऐसे पूव ज प्रभाव से दकसी भी व्यजि के जहत पर कोई प्रजतकूल प्रभाव िहीं पड़ेगा. लाल ससंह म ख्य महाप्रबंधक, [जवज्ञापि-III/4/असा./495/2023-24] िोट: मख् य जवजियम अजधसूचिा संख्या पेंिि 1, ददिांक 29 जसतंबर, 1995 के िररए भारत के रािपत्र में प्रकाजित दकए गए थे और जवगत संिोधि, अजधसूचिा संख्या 6113, ददिाकं 18 जसतंबर, 2017 के िररए भारत के रािपत्र के भाग III खंड 4 म ें ददिांक 28 ददसंबर, 2018 को प्रकाजित दकए गए. UNION BANK OF INDIA (Human Resources Department) NOTIFICATION Mumbai, the 4th October, 2023 F. No.UBI/HR/22300 (E).—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 Union 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 Union Bank of India (Employees’) Pension Regulations,1995, namely:— 1. Short title and commencement.—(1) These regulations may be called the Union 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 Union 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.”.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5 4. In regulation 40 of the said regulations,— (a) in sub-regulation (1), — (j) 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 be 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: Scale of pay per Amount of monthly family pension month (1) (2) Upto Rs.11,100 30 per cent. of the pay shall be the basic family pension and additional 30 per cent. of allowances 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. Rs.11,101 to Rs. 20 per cent. of the pay shall be basic family pension and additional 20 per cent. of allowances 22,200 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.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] Above 15 per cent. of the pay shall be the basic family pension and additional 15 per cent. of Rs.22,200 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.”. 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. LAL SINGH, Chief General Manager [ADVT.-III/4/Exty./495/2023-24] Note: The principal regulations were published in the Gazette of India, vide notification number PENSION 1, dated the 29th September,1995 and lastly amended, vide notification number 6113, dated the 18th September, 2017 published in Part III, Section 4 of the Gazette of India, dated the 28th December, 2018. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research