Home India Bank of India In exercise of the powers conferred by subsection 1 and clau...
Date: 19-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

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

Issued by Bank of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification pertains to amendments to the Bank of India (Employees’) Pension Regulations, 1995.
  • These amendments are called the Bank of India (Employees’) Pension (Amendment) Regulations, 2023.
  • Unless otherwise specified, the amendments take effect from the date of their publication in the Official Gazette (October 19, 2023).

Key Changes

  • Regulation 27 is amended to state that for permanent part-time employees covered by the pension scheme, actual service, not pro-rata service, is considered for pension calculation, effective November 1, 2012.
  • The actual or qualifying service for these employees is calculated from the date of recruitment as a permanent part-time employee or from September 1, 1978, whichever is later.
  • Regulation 36 is amended to specify a fixed monthly amount as part of pension for employees who retired on or after November 1, 2012. The amount is Rupees 2,785 for full-time employees. For part-time employees, the amount varies based on their scale of pay: Rupees 932 for 1/3 scale, Rupees 1,397 for 1/2 scale, and Rupees 2,096 for 3/4 scale.
  • Regulation 40 is amended to revise the conditions for family pension eligibility for sons, daughters, and parents. Family pension is discontinued if the son or daughter earns more than Rupees 10,000 per month from employment or self-employment. Similarly, for parents, family pension is discontinued if the income of either parent or the combined income of both exceeds Rupees 10,000 per month.
  • Sub-regulation (4) of Regulation 40 is amended to introduce a fixed monthly amount of Rupees 18,568 for employees (both officers and workmen) who retired or died on or after November 1, 2012.
  • Sub-regulation (4) of Regulation 40 is amended to introduce a fixed monthly amount of Rupees 9,284 for employees (both officers and workmen) who retired or died on or after November 1, 2012.
  • Appendix II is amended to specify that for employees who retired on or after November 1, 2012, dearness relief is payable or recoverable for every 4-point change over 4440 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers (1960=100 series). The rate of increase or decrease is calculated at 0.10% of the basic pension for every 4 points.
  • Appendix III is amended to include provisions for family pension for employees (excluding part-time employees) who retired on or after November 1, 2012. The family pension consists of a basic component (15-30% of pay, depending on the pay scale) and an additional allowance component (15-30% of allowances counted for Provident Fund contributions, but not for dearness allowance). Minimum and maximum limits are specified for the aggregate of basic and additional family pension, depending on the pay scale.

Impact Analysis

Bank of India Employees

  • Action Item: Bank of India HR department needs to update pension calculation systems and communicate the changes to employees and pensioners.

Bank of India Pensioners

  • Action Item: Bank of India needs to review and adjust pension payouts for eligible pensioners and communicate these changes effectively.

Bank of India

  • Action Item: Bank of India Finance Department needs to assess the financial impact of these changes and make necessary budgetary adjustments.

Beneficiaries of Family Pension

  • Action Item: Bank of India needs to clearly communicate the revised income criteria to family pension recipients and establish a process for verifying income.

Key Entities Referenced

Bank of India: The organization implementing the amended pension regulations. Reserve Bank of India (RBI): The central bank of India, consulted during the amendment process. Central Government: The government body that provided prior sanction for the amendments. Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970: The Act under which the Board of Directors of the Bank of India exercises its powers to make these regulations. Bank of India (Employees’) Pension Regulations, 1995: The original regulations being amended. Indian Banks’ Association: An association that represents member banks and was involved in the settlement and Joint Note leading to these amendments. All India Average Consumer Price Index for Industrial Workers: An economic indicator used to calculate dearness relief.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-21102023-249620 xxxGIDHxxx CG-MH-E-21102023-249620 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 716] नई कदलली, बहृ स्ट्प जतवार, अक्त बू र 19, 2023/आजश्व न 27, 1945 No. 716] NEW DELHI, THURSDAY, OCTOBER 19, 2023/ASVINA 27, 1945 बकैं ऑफ इंजडया (मानव ससं ाधन जवभाग) अजधसचू ना म ंबई, 6 अक् तूबर, 2023 एफ. न.ं एचओ:एचआर:टीबीडी:2023-24:319.—बैंककारी कंपनी (उपक्रमों का अजधग्रहण एव ं अतं रण) अजधजनयम, 1970 (1970 का 5) की धारा 19 की उप-धारा (1) और उप-धारा (2) के खण् ड (एफ) द्वारा प्रदत्त िजियों का प्रयोग करत े हुए बैंक ऑफ़ इंजडया का जनदिे क मडं ल केंद्र सरकार की पूव व मंिूरी के साथ और भारतीय ररज़व व बैंक के परामि व के पश् चात, एतद्द्वारा बैंक ऑफ इंजडया (कमवचारी) पेन्ि न जवजनयमन, 1995 में संिोधन करने हते आग े जनम्न जलजखत जवजनयमन बनाता ह,ै यथा : - 1. लघ िीर्कव और प्रारंभ -(1) ये जवजनयम बैंक ऑफ़ इंजडया (कमवचारी) पेन् िन (संिोधन) जवजनयमन, 2023 कहलाएंगे. (2) इन जवजनयमों में स्ट् पष्ट रूप से अन् यथा उजललजखत प्रावधानों को छोड़कर, ये जवजनयम आजधकाररक रािपत्र में उनके प्रकािन की तारीख स ेलागू होंगे। 2. बैंक ऑफ इंजडया (कमवचारी) पेन्ि न जवजनयमन, 1995 (यहां इसके पश् चात कजथत जवजनयमन के रूप स े संदर्भवत), म ें जवजनयम 27 म,ें नोट के स्ट् थान पर जनम्न जलजखत नोट को प्रजतस्ट्थ ाजपत ककया िाएगा, यथा :- " नोट 1 : कदनांक 1 नवंबर 2012 से प्रभावी होते हुए, पेन्ि न योिना द्वारा कवर ककए गए स्ट् केल-वेतन में स्ट् थायी अिं काजलक कमवचाररयों के जलए पेन्ि न की राजि के पररकलन हते , उनकी आनप ाजतक सेवा को नहीं बजलक उनकी वास्ट् तजवक सेवा को अहकव सेवा माना िाएगा। 6678 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] नोट 2 : वास्ट् तजवक सेवा या अहतव ा प्राप् त सेवा का पररकलन, स्ट् केल-वेतन म ें स्ट्थ ायी अंिकाजलक कमवचारी के रूप में उनकी भती या जनय जि की तारीख या 1 जसतंबर, 1978 से, इनमें से िो बाद में हो, ककया िाएगा।” 3. कजथत जवजनयमनों के जवजनयम 36 म,ें खण् ड (ई) के पश् चात जनम्न जलजखत खण्ड को िोड़ा िाएगा, यथा :- “(एफ) अंिकाजलक कमवचारी स ेजभन् न ककसी कमवचारी के मामले में रु. दो हज़ार सात सौ पचासी प्रजत माह, िहां कमवचारी 1 नवंबर, 2012 को उसके बाद सेवाजनवृत् त हुआ हो, 1/3 स्ट् केल-वेतन आहररत करने वाल े अंिकाजलक कमवचारी के मामल े म ें रु. नौ सौ बत् तीस प्रजत माह, 1/2 स्ट् केल-वेतन आहररत करन े वाल े अंिकाजलक कमवचारी के मामले में रु. एक हज़ार तीन सौ सत् तानव े प्रजत माह, और 3/4 स्ट् केल-वेतन आहररत करने वाले अंिकाजलक कमवचारी के मामले में रु. दो हज़ार जछयानवे प्रजत माह, िहां कमवचारी 1 नवंबर, 2012 को उसके बाद सवे ाजनवृत् त हुआ हो। 4. कजथत जवजनयमनों के जवजनयम 40 में – (ए) उप-जवजनयम (1) म,ें - (i) खंड (बी) म,ें प्रथम परंत क के स्ट्थान पर, जनम्नजलजखत परंत क प्रजतस्ट्थाजपत ककया िाएगा, यथा:- "परंत यह कक बेटे या बेटी (जवधवा या तलाकि दा सजहत) को दये पाररवाररक पेंिन बंद कर दी िाएगी या स्ट्वीकाय व नहीं होगी यकद पात्र बेटा या बेटी सरकारी या जनिी क्षत्रे या स्ट्वरोिगार आकद म ें रोिगार स े प्रजत माह दस हिार रुपय ेसे अजधक की राजि कमाना ि रू कर देता ह।ै ”; (ii) खंड (सी) के स्ट्थान पर, जनम्नजलजखत खंड प्रजतस्ट्थाजपत ककया िाएगा, यथा :- “(सी) माता-जपता के मामल े म,ें पाररवाररक पेंिन बंद कर दी िाएगी या स्ट्वीकायव नहीं होगी यकद माता- जपता म ें स े ककसी एक या माता-जपता दोनों की सरकारी या जनिी क्षत्रे या स्ट्वरोिगार आकद म ें रोिगार स े क ल आय प्रजत माह दस हिार रुपय े स ेअजधक ह।ै ”; (बी) उप-जवजनयम (4) म,ें - (i) खडं (ए) म,ें उप-खडं (v) के पश्चात,् जनम्नांककत खडं अतं ःस्ट्थाजपत ककया िाएगा, यथा:- “(vi) अठारह हिार पांच सौ अड़सठ रुपय े प्रजत माह केवल उन कमवचाररयों, अजधकाररयों और कामगारों दोनों के संबंध म,ें िो 1 नवंबर 2012 को या उसके बाद सेवाजनवृत्त या कदवंगत हुए।”; (ii) खंड (बी) म ें उप-खंड (v) के पश्चात,् जनम्नजलजखत उप-खंड अंतःस्ट्थाजपत ककया िाएगा, यथा:- “(vi) अठारह हिार पांच सौ अड़सठ रुपय े प्रजत माह केवल उन कमवचाररयों, अजधकारी और कामगार दोनों के संबंध म,ें िो 1 नवंबर 2012 को या उसके बाद सेवाजनवृत्त या कदवंगत हुए।”; (iii) खंड (सी) म,ें उप-खडं (v) के पश्चात,् जनम्नजलजखत उप-खंड अंतःस्ट्थाजपत ककया िाएगा, यथा:- “(vi) नौ हिार दो सौ चौरासी रुपय े प्रजत माह केवल उन कमवचाररयों, अजधकारी और कामगार दोनों के संबंध म,ें िो 1 नवंबर 2012 को या उसके बाद सेवाजनवृत्त या कदवंगत हुए।”; 5. उि जवजनयमों के पररजिष्ट II म,ें खंड (4) म,ें दसू रे परंत क के पश्चात,् जनम्नजलजखत परंतक अंतःस्ट्थाजपत ककया िाएगा, यथा:- "परंत यह भी कक 1 नवंबर 2012 को या उसके बाद सेवाजनवृत्त होने वाल े कमवचाररयों के संबंध म,ें महगं ाई राहत 1960 = 100 श्ृंखला म ें औद्योजगक श्जमकों के जलए अजखल भारतीय औसत उपभोिा मूलय सूचकांक के त्रैमाजसक औसत म ें4440 अंकों से प्रत्येक 4 अंकों की वृजि के जलए दये होगी या प्रत्येक 4 अंकों की जगरावट के जलए वसूली योग्य होगी और प्रत्येक उि 4 अकं ों के जलए महगं ाई राहत म ें ऐसी वृजि या कमी की गणना मलू पिें न की 0.10 प्रजतित की दर स े की िाएगी।”; 6. उि जवजनयमों के पररजिष्ट III म,ें खंड (ई) के पश्चात ्जनम्नजलजखत खडं को डाला िाएगा, यथा:- “(एफ) 1 नवंबर 2012 को या उसके बाद सेवाजनवृत्त होने वाले अंिकाजलक कमवचाररयों स े जभन्न कमवचाररयों (अजधकाररयों और कमवचारी दोनों) के संबंध म:ें[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 वते न का स्ट्केल माजसक पाररवाररक पिें न की राजि प्रजतमाह ) 1( (2) रु. 11,100 तक वेतन का 30 प्रजतित मलू पाररवाररक पेंिन होगी तथा अजतररि 30 प्रजतित भत्त े होंगे, जिसकी गणना भजवष्य जनजध म ें अंिदान हते की िाएगी लेककन महगं ाई भत्ते हते नहीं,यह अजतररि पेंिन होगी: बिते कक मूल और अजतररि पेंिन का क ल योग न्यूनतम रु. 2785 प्रजतमाह की ितव के अंतगतव होगा। रु. 11,101 स े रु. वेतन का 20 प्रजतित मलू पाररवाररक पेंिन होगी तथा अजतररि 20 प्रजतित भत्त े होंगे, जिसकी 22,200 तक गणना भजवष्य जनजध म ें अिं दान हते की िाएगी लेककन महगं ाई भत्ते हते नहीं,यह अजतररि पेंिन होगी: बिते कक मूल और अजतररि पेंिन का क ल योग न्यूनतम रु. 3422 प्रजतमाह की ितव के अंतगतव होगा। रु. 22,200 स े वेतन का 15 प्रजतित मलू पाररवाररक पेंिन होगी तथा अजतररि 15 प्रजतित भत्त े होंगे, जिसकी अजधक गणना भजवष्य जनजध म ें अंिदान हते की िाएगी लेककन महगं ाई भत्ते हते नहीं,यह अजतररि पेंिन होगी: बिते कक मूल और अजतररि पेंिन का क ल योग न्यूनतम रु. 4448 प्रजतमाह और अजधकतम रु. 9284 प्रजतमाह की ितव के अतं गवत होगा। व्याख्यात्मक ज्ञापन जिन जवजनयमों को पूववव्यापी प्रभाव कदया गया ह,ै वे सदस्ट्य बैंकों द्वारा कदए गए जवजिष्ट आदिे के आधार पर सदस्ट्य बैंकों की ओर स े भारतीय बैंक संघ और बैंकों के उच्च स्ट्तरीय कमवचारी संघों एव ं अजधकारी संघों के बीच हस्ट्ताक्षररत संय ि नोट तथा समझौते की सहमत जनबधं नों एव ं ितों के अन सार ह।ैं अतएव, इस प्रकार के पूववव्यापी प्रभाव स े ककसी भी व्यजि के जहतों पर इसका प्रजतकूल प्रभाव नहीं पड़ेगा। जिव बिरंग ससंह, म ख्य महाप्रबन्धक (मा.स.जव.) [जवज्ञापन-III/4/असा./499/2023-24] नोट : मलू जवजनयमों को भारत के रािपत्र म ें अजधसूचना सख्ं या टीबीडी:पीसी:एचडीपी, कदनांक 29 जसतंबर 1995 के माध्यम स े प्रकाजित क्या गया था तथा अंजतम संिोधन अजधसचू ना संख्या एचओ:टीबीडी:2878, कदनांक 10 िनवरी 2018 के माध्यम स े हुआ जिसे भारत के रािपत्र भाग III, खडं 4, कदनांक 3 फरवरी 2018 म ेंप्रकाजित ककया गया। BANK OF INDIA (Human Resources Department) NOTIFICATION Mumbai, the 6th October, 2023 F.No. HO:HR:TBD:2023-24:319—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 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 Bank of India (Employees’) Pension Regulations,1995, namely:— 1. Short title and commencement.—(1) These regulations may be called the 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.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 2. In the 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.”. 4. In regulation 40 of the said regulations,— (a) in sub-regulation (1), — (i) 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 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:-[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5 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 allowance 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 20 per cent of the pay shall be basic family pension and additional 20 per cent of allowance which Rs. 22,200 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. Above 15 per cent of the pay shall be the basic family pension and additional 15 per cent. of allowances Rs.22,200 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. SHIV BAJRANG SINGH, Chief General Manager (HR) [ADVT.-III/4/Exty./499/2023-24] Note: The principal regulations were published in the Gazette of India, vide notification number TBD:PC:HDP, dated the 29th September,1995 and lastly amended vide notification number HO:TBD:2878, dated the 10th January, 2018 published in Part III, Section 4 of the Gazette of India, dated the 3rd February, 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.

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