Skip to content
Home› India› State Bank of India› Gazette› In exercise of the powers conferred...
REGULATORY POLICY EXTRA ORDINARY

In exercise of the powers conferred by subsection 1 read with clause o of sub section 2 of section

Date: 20th March 2024
Category: Extra Ordinary
New Delhi

Read or download the official PDF of this gazette notification issued by the State Bank of India on 20th March 2024. Classified under Extra Ordinary.

Official Gazette Notification Text

Official Transcript

रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-20032024-253255 xxxGIDHxxx CG-DL-E-20032024-253255 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 190] िई कदल्ली, ब धर्ार, मार् च20, 2024/फाल्ग ि 30, 1945 No. 190] NEW DELHI, WEDNESDAY, MARCH 20, 2024/PHALGUNA 30, 1945 भारतीय स्टेट बकैं अधिसचू ना म ंबई, 18...

PolicyIndex Takeaway
Get AI summary →
  • ✓ The gazette notification S.O. 190, dated March 20, 2024, announces amendments to the State Bank of India Employees’ Pension Fund Regulations, 2014. These amendments cover aspects such as the calculation of maximum pension amount, family pension eligibility, dearness relief, and nomination facilities for pension benefits.
  • ✓ Amendment in Regulation 23(2): Effective November 1, 2017, the maximum pension amount calculation is revised for members drawing substantive salary in pay scales effective from November 1, 2017. Where average monthly substantive salary is up to Rs. 80,450, pension is 50% of the average salary plus half of Professional Qualification Pay and half of the increment component of Fixed Personal Pay. If the average salary exceeds Rs. 80,450, pension is 40% of the average salary (minimum Rs. 40,225) plus half of Professional Qualification Pay and half of the increment component of Fixed Personal Pay.
  • ✓ Amendment in Regulation 23(2): Effective November 10, 2023, the maximum pension amount is computed at 50% of the average monthly substantive salary drawn during the last twelve months of pensionable service, plus half of Professional Qualification Pay and half of the increment component of Fixed Personal Pay, irrespective of the date of retirement or pay scales. This applies prospectively from November 10, 2023.
  • ✓ Amendment in Regulation 23(7): Specifies that in the event of the death of a member (either while in service after one year of pensionable service or after retirement), the trustees may sanction family pension to the dependents of the employee. Moneys payable on account of pension (arrears or otherwise) shall be payable as specified in Regulation 23A, excluding family pension.
  • ✓ Amendments in Regulation 23(8), (9), (10), (12): Revisions to the dearness relief structure for pensioners who ceased to be in the Bank’s pensionable service before November 1, 1987; between November 1, 1987, and October 31, 1992 (Award Staff) or June 30, 1993 (Supervising Staff); on or after November 1, 1992 (Award Staff) or July 1, 1993 (Supervising Staff); and on or after November 1, 1997 (Award Staff) or April 1, 1998 (Supervising Staff) but before November 1, 2002. These amendments include revised dearness relief percentages and ex-gratia amounts effective from October 1, 2023, to January 2024, based on different basic pension scales.

Get daily policy updates in your inbox

Choose the sectors and regulators you care about. We'll send only what matters to you.

No spam. Unsubscribe anytime.