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REGULATORY POLICY EXTRA ORDINARY

In exercise of the powers conferred by sub section

Date: 12th October 2023
Category: Extra Ordinary
Issued by Indian Bank
New Delhi

Read or download the official PDF of this gazette notification issued by the Indian Bank on 12th October 2023. Classified under Extra Ordinary.

Official Gazette Notification Text

Official Transcript

रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-टी.एन.-अ.-12102023-249329 xxxGIDHxxx CG-TN-E-12102023-249329 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 701] नई कदल्ली, बुधवार, अक्त बू र 11, 2023/आजिन 19, 1945 No. 701] NEW DELHI, WEDNESDAY, OCTOBER 11, 2023/ASVINA 19, 1945 इंजडयन बकैं (मानव ससं ाधन...

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  • ✓ The notification pertains to amendments to the Indian Bank (Employees’) Pension Regulations, 1995. These amendments are made by the Board of Directors of Indian Bank, after consulting with the Reserve Bank of India and with the prior approval of the Central Government.
  • ✓ The amendments address various aspects of pension calculations and family pension eligibility, particularly focusing on permanent part-time employees and those who retired on or after November 1, 2012.
  • ✓ Qualifying Service for Part-Time Employees: Effective from November 1, 2012, the pension calculation for permanent part-time employees will be based on their actual service instead of pro-rata calculation. The actual or qualifying service will be counted from the date of recruitment as a permanent part-time employee or from September 1, 1978, whichever is later.
  • ✓ Minimum Pension: A minimum pension of ₹2,785 per month is specified for employees retiring on or after November 1, 2012, with specific amounts defined for part-time employees based on their scale of wages: ₹932 for 1/3 scale, ₹1,397 for 1/2 scale, and ₹2,096 for 3/4 scale.
  • ✓ Family Pension Eligibility: Family pension for sons/daughters is discontinued if their monthly income from employment or self-employment exceeds ₹10,000. Similarly, family pension for parents is discontinued if the income of either parent or the combined income of both parents exceeds ₹10,000 per month.

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