Home› India› State Bank of India› In exercise of the powers conferred by sub section (1) read ...
Date: 04-Nov-2024 Category: Extra Ordinary State: Union Government Country: India

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),

Issued by State 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

  • This gazette notification announces the State Bank of India Employees’ Pension Fund (Second Amendment) Regulations, 2024.
  • It amends the State Bank of India Employees’ Pension Fund Regulations, 2014, specifically concerning the calculation of maximum pension amount and the Dearness Relief (DR) payable on pensions.
  • The amendments are effective from the date of publication in the Official Gazette.

Key Changes

  • For employees who retired between November 1, 2022, and November 9, 2023 (inclusive), drawing salaries in the pay scales effective from November 1, 2022, the maximum pension calculation is modified.
  • If the average monthly substantive salary during the last 12 months of pensionable service is up to INR 1,14,220, the pension will be 50% of the average monthly substantive salary, plus half of the Professional Qualification Pay, plus half of the increment component of Fixed Personal Pay (where applicable).
  • If the average monthly substantive salary during the last 12 months of pensionable service is above INR 1,14,220, the pension will be 40% of the average monthly substantive salary, subject to a minimum of INR 57,110, plus half of the Professional Qualification Pay, plus half of the increment component of Fixed Personal Pay (where applicable).
  • For employees who retired on or after November 1, 2022, Dearness Relief (DR) will be payable at 1% per percentage point of the index on the basic pension or family pension.
  • The DR will be paid half-yearly based on the variation of rise or fall over 123.03 points in the quarterly average of the All India Consumer Price Index for Industrial Workers (2016=100).

Impact Analysis

Impact on Employees who retired between 1st November 2022 and 9th November 2023

  • Action Item: SBI needs to communicate the changes to affected pensioners and provide details on how their pensions will be recalculated and the timelines for implementation.

Impact on Employees who retired on or after 1st November 2022

  • Action Item: SBI needs to update its payroll and pension systems to reflect the new DR calculation method and ensure timely payment of DR to eligible pensioners.

Impact on State Bank of India

  • Action Item: SBI needs to conduct a thorough review of its pension fund and financial projections to accommodate the changes and ensure compliance with the new regulations.

Impact on Pension Fund Management

  • Action Item: The pension fund management team needs to review the fund's asset allocation and risk management strategies in light of the new regulations.

Key Entities Referenced

State Bank of India: The primary entity affected by this notification. The regulations govern its employee pension fund. State Bank of India Act, 1955: The enabling legislation under which the State Bank of India operates and has the power to make these regulations. Reserve Bank of India: The central bank of India, which was consulted before the regulations were made. Central Government: The government body that gave prior sanction to the regulations. State Bank of India Employees’ Pension Fund Regulations, 2014: The principal regulations being amended by this notification. All India Consumer Price Index for Industrial Workers (2016=100): The index used to calculate the Dearness Relief (DR) on pensions.
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.-04112024-258430 xxxGIDHxxx CG-MH-E-04112024-258430 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 891] नई ददल्ली, सोमवार, नवम्ब र 4, 2024/कार्तकष 13, 1946 No. 891] NEW DELHI, MONDAY, NOVEMBER 4, 2024/KARTIKA 13, 1946 भारतीय स्ट्टेट बकैं अजधसचू ना म ंबई, 4 नवंबर 2024 स.ं एचआर/पी&पीएमडी/एसपीएल/एसपी/2024-25/7.—भारतीय स्ट्टेट बैंक अजधजनयम, 1955 (वर् ष 1955 का 23वां) की धारा 50 की उप-धारा (2) के खडं (ओ) के साथ पठित उप-धारा (1) द्वारा प्रदत्त अजधकारों का प्रयोग करते हुए, भारतीय स्ट्टेट बैंक का केंद्रीय बोडष, भारतीय ठरिव ष बैंक के साथ परामि ष करके और केंद्र सरकार की पूवष संस्ट्वीकृजत से, एतद्द्वारा भारतीय स्ट्टेट बैंक ने कमषचारी पेंिन जनजध जवजनयम, 2014 में और संिोधन करने के जलए जनम्नजलजखत जवजनयम बना रहा ह,ै यथा:- 1. (1) इन जवजनयमों को भारतीय स्ट्टेट बैंक कमषचारी पेंिन जनजध (जद्वतीय संिोधन) जवजनयम, 2024 कहा िाएगा। (2) य ेजवजनयम िासकीय रािपत्र में प्रकािन की जतजथ से लागू होंगे। 2. भारतीय स्ट्टेट बैंक कमषचारी पेंिन जनजध जवजनयम, 2014 के जवजनयम 23 में, - (ए) उप-जवजनयम (2) म,ें अंजतम परंत क से पहल,े जनम्नजलजखत परंत क िोडा िाएगा, यथा- 7128 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] "परन्त यह दक 1 नवंबर, 2022 से और 9 नवंबर, 2023 तक एवं इस जतजथ सजहत, 1 नवंबर, 2022 से प्रभावी वेतनमानों म ें मलू वेतन आहठरत करके सेवाजनवृत्त होन े वाल े सदस्ट्यों के जलए पेंिन की अजधकतम राजि की गणना इस संबंध म ेंअगल ेसंिोधन तक जनम्नान सार की िाएगी- (क) िहां जपछले बारह महीनों की पेंिन योग्य सेवा के दौरान आहठरत माजसक मूल वेतन का औसत एक लाख चौदह हिार दो सौ बीस रुपए तक ह,ै जपछल े बारह महीनों की पेंिन योग्य सेवा के दौरान आहठरत माजसक मलू वेतन के औसत का पचास प्रजतित और व्यावसाजयक योग्यता वेतन का आधा जहस्ट्सा और जस्ट्थर वैयजिक वेतन के वेतन वृजि घटक का आधा जहस्ट्सा, िहां लाग ू हो, भी िाजमल होगा (अिं काजलक कमषचाठरयों के मामल े म ें यथान पात); और (ख) िहां जपछले बारह महीनों की पेंिन योग्य सेवा के दौरान आहठरत माजसक मूल वते न का औसत एक लाख चौदह हिार दो सौ बीस रुपए प्रजतमाह से अजधक ह,ै पिें न योग्य सेवा के अंजतम बारह महीनों के दौरान आहठरत माजसक मूल वेतन के औसत का चालीस प्रजतित, न्यूनतम सत्तावन हिार एक सौ दस रुपए प्रजत माह, जिसमें व्यावसाजयक योग्यता वेतन का आधा जहस्ट्सा जहस्ट्सा व जस्ट्थर वैयजिक वेतन का आधा वेतन वृजि घटक, िहां लागू हो, भी िाजमल होगा। (अिं काजलक कमषचाठरयों के मामल े में यथान पात):"; (बी) उप-जवजनयमन (15) म,ें खंड (iii) के बाद, जनम्नजलजखत खंड िोडा िाएगा, यथा - "(iv) 1 नवंबर, 2022 को सवे ाजनवृत्त हो च के या उसके पश्चात सेवाजनवृत्त होने वाल े कमचष ाठरयों के संबंध में, पेंिन पर महगं ाई राहत मलू पिें न या पाठरवाठरक पेंिन सूचकांक के प्रजत एक प्रजतित अंक के एक प्रजतित पर देय होगा। उपरोिान सार औद्योजगक श्रजमकों के जलए अजखल भारतीय उपभोिा मल्ू य सूचकांक की श्रृंखला 2016 = 100 पर महगं ाई राहत के जतमाही औसत म ें 123.03 अंकों से अजधक की वृजि या जगरावट के अन सार छमाही आधार पर भग तान दकया िाएगा। रािीव क मार, मख् य महाप्रबंधक (मा.सं.) [जवज्ञापन-III/4/असा./660/2024-25] ठटप्पणी - मूल जवजनयमों को ददनांक 18 जसतंबर, 2014 की फाइल संख्या सीडीओ/पीएम/16/ एसपीएल/1136 के द्वारा भारत के रािपत्र, असाधारण, भाग-III, खडं 4 म ें प्रकाजित दकया गया और बाद म ें अजधसूचना संख्या बीओडी एंड िीओ/वीवीके/470, ददनांक 4 अक्टूबर, 2017, संख्या एचआर/पीपीिी/पीए/19-20/122, ददनांक 1 िून, 2019, संख्या एचआर/पीपीिी/एसकेएन/ 2020-21/206, ददनांक 3 ददसंबर, 2020 और संख्या एचआर/पी एवं पीएमडी/एसपीएल/ एसपी/2023-24/29, ददनांक 18 माचष 2024 के द्वारा इसम ेंसंिोधन दकया गया। 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:—[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 “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. 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

Related Documents from State Bank of India