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REGULATORY POLICY EXTRA ORDINARY

In exercise of the powers conferred by subsection 1 and clause f of subsection

Date: 5th August 2023
Category: Extra Ordinary
Issued by Punjab & Sind Bank
New Delhi

Read or download the official PDF of this gazette notification issued by the Punjab & Sind Bank on 5th August 2023. Classified under Extra Ordinary.

Official Gazette Notification Text

Official Transcript

रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एxलx.x-GअID.-H0x5x0x 82023-247887 CG-DLxx-xEG-I0D5E0x8x2x0 23-247887 असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 543] नई ददल्ली िुक्रिार, अगस्ट्त 4, 2023/श्रािण 13, 1945 No. 543] NEW DELHI, FRIDAY, AUGUST 4, 2023/SHRAVANA 13, 1945 पजं ाब एण्ड ससध बकैं (भजिष्य जनजध...

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  • ✓ The gazette notification issued by Punjab and Sind Bank announces amendments to the Punjab and Sind Bank (Employees’) Pension Regulations, 1995.
  • ✓ These amendments are made in exercise of powers conferred by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, after consultation with the Reserve Bank of India and with the previous sanction of the Central Government.
  • ✓ The amendments primarily relate to the calculation of pension for part-time employees, family pension eligibility, and dearness relief.
  • ✓ Effective from November 1, 2012, the actual service of permanent part-time employees in scale wages covered by the Pension Scheme will be reckoned for qualifying service instead of pro-rata.
  • ✓ Minimum pension amount is defined for employees who retired on or after November 1, 2012. It is set at Rs. 2,785 per month for full-time employees. For part-time employees who retired on or after November 1, 2012, the minimum pension is Rs. 932 per month for 1/3 scale of wages, Rs. 1,397 per month for 1/2 scale of wages, and Rs. 2,096 per month for 3/4 scale of wages.

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