Date: 2014-11-01Category: Extra OrdinaryState: Union GovernmentCountry: India
The Central Govt, hereby makes the following regulations further to amend the Corporation Bank (Employees) Pension Regulations, 1995, These regulations may be called Corporation Bank (Employees) Pension (Amendment) Regulations, 2013.
Executive Summary:
This document contains two notifications from Corporation Bank regarding amendments to its employee pension and retirement regulations. The first notification amends the Corporation Bank Employees Pension Regulations, 1995, while the second amends the Corporation Bank Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Regulations, 2000. Both amendments reduce the period mentioned in the regulations from two years to one year. Both notifications come into force on the date of their publication in the Official Gazette.
Key Points / Main Content:
Corporation Bank Employees Pension Amendment Regulations, 2013:
* Amends the Corporation Bank Employees Pension Regulations, 1995.
* In regulation 50(1), the phrase "two years" is replaced with "one year".
* In regulation 50(6), the phrase "two years" is replaced with "one year".
Corporation Bank Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Amendment Regulations, 2013:
* Amends the Corporation Bank Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Regulations, 2000.
* In regulation 4(1), the phrase "two years" is replaced with "one year".
Impact Analysis:
Corporation Bank Employees:
* Impact: The amendment to the pension regulations affects employees covered under the Corporation Bank Employees Pension Regulations, 1995, potentially influencing their pension-related decisions or entitlements.
* Action Required: Be aware of the change from "two years" to "one year" in the specified regulations.
Corporation Bank Officer Employees:
* Impact: The amendment to the retirement regulations affects officer employees regarding acceptance of jobs in private sector concerns after retirement, potentially influencing their post-retirement employment options.
* Action Required: Be aware of the change from "two years" to "one year" in the specified regulations.
Corporation Bank:
* Impact: The bank is responsible for implementing and adhering to the amended regulations in its pension and retirement policies and practices.
* Action Required: Update internal policies and procedures to reflect the changes, and ensure compliance with the amended regulations.
Key Entities Referenced
Corporation Bank: A nationalized banking institution, the subject of these regulations and amendments.
Reserve Bank of India: The central bank of India, consulted during the formulation of these regulations.
Banking Companies Acquisition and Transfer of Undertakings Act, 1970: An Act of the Indian Parliament that nationalized several major commercial banks. Section 19 is referenced as the source of power for these regulations.
Banking Companies Acquisition and Transfer of Undertakings Act, 1980: An Act of the Indian Parliament that nationalized several major commercial banks. Section 19 is referenced as the source of power for these regulations.
Corporation Bank Employees Pension Regulations, 1995: The principal regulations governing the pension benefits of Corporation Bank employees, which are being amended.
Corporation Bank Employees Pension Amendment Regulations, 2013: The specific amendment regulations pertaining to employee pensions, shortening the waiting period from two years to one year.
Corporation Bank Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Regulations, 2000: The principal regulations governing the acceptance of jobs in private sector after retirement, which are being amended.
Corporation Bank Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Amendment Regulations, 2013: The specific amendment regulations pertaining to acceptance of jobs in private sector concerns after retirement, shortening the waiting period from two years to one year.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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No. 304] NEW DELHI, SSAATTUURRDAY, NOVEMBER 1, 2014/KARTIKA 1100, 1936
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िन िलिखत िविनयम बनाता ह,ै अअथथाातत(cid:25)(cid:25) :््
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के. ििगगJJररधधरर शशेणेणैै, महा(cid:31)बंधक (मा.सं.िव.)
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पपपपाााादददद (cid:12)(cid:12)(cid:12)(cid:12)टटटट(cid:14)(cid:14)(cid:14)(cid:14)पपपपणणणणीीीीःःःः ममूलूल ििववििननययमम भभााररतत ककेे ररााजजपप77 मम8 8 अअििधधससूचूचननाा ससंBंBययाा आआररओओ/डडीीएएललआआईई/888/95, भाग
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4333 GGII//22001144 (1)2
THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
अिधसूचना ?दनाकं
(i) 27.02.1999
(ii) 01.03.2003
(iii) 01.03.2003
(iv) 05.06.2004
(v) 05.06.2004 11.09.2004
व
CORPORATION BANK
NOTIFICATION
Mangalore, the 5th May, 2014
No. PAD : IR: 198:2013-14.—In exercise of the powers conferred by Section 19 of the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970 and Section 19 of the Banking Companies (Acquisition and
Transfer of Undertakings) Act, 1980), the Board of Directors of Corporation Bank 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 Corporation Bank (Employees’) Pension Regulations, 1995, namely:—
1. (1) These regulations may be called Corporation Bank (Employees’) Pension (Amendment) Regulations, 2013.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In sub-regulation (1) of regulation 50 of the Corporation Bank (Employees’) Pension Regulations, 1995 for the
words “two years”, the words “one year” shall be substituted.
3. In regulation 50 of the Corporation Bank (Employees’) Pension Regulations, 1995, in sub-regulation (6), for the
words “two years”, the words “one year” shall be substituted.
K. GIRIDHAR SHENOY, General Manager (HRM)
[ADVT-III-4/Exty./291/14]
Footnote: The Principal Regulations were published in the Gazette of India vide notification number RO/DLI/888/95
published in the Gazette of India, Part III Section 4 dated 29.09.1995 and subsequently amended as under:—
Notification Date
(i) 27.02.1999
(ii) 01.03.2003
(iii) 01.03.2003
(iv) 05.06.2004
(v) 05.06.2004 & 11.09.2004
अअअअििििधधधधससससचचूूचचूू ननननाााा
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: 199 :2013-14.
सससस..ंं..ंं ककककाााा....(cid:6)(cid:6)(cid:6)(cid:6)....(cid:6)(cid:6)(cid:6)(cid:6)ःःःःऔऔऔऔ....ससससंंंं — ब(cid:11)(cid:12)कग कंपनी (उप(cid:20)म(cid:22) का अज(cid:25)न एवं अंतरण) अिधिनयम, 1970
क(cid:2) धारा 19 और ब(cid:11)(cid:12)कग कंपनी (उप(cid:20)म(cid:22) का अज(cid:25)न एवं अंतरण) अिधिनयम, 1980 क(cid:2) धारा 19 Nारा (cid:31)दP
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रोज़गार क(cid:2) <वीकृित) संशोधन िविनयम, 2013 कहा जाएगा ।
(2) ये िविनयम सरकारी राजप7 म8 उनके (cid:31)काशन क(cid:2) तारीख से लागू ह(cid:22)गे ।
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(cid:31)ित<थािपत ?कए जाएगं े ।
के. िगJरधर शेणै, महा(cid:31)बंधक (मा.सं.िव.)
[foKkiu&III@4@vlk-@291@14]
पपपपाााादददद (cid:12)(cid:12)(cid:12)(cid:12)टटटट(cid:14)(cid:14)(cid:14)(cid:14)पपपपणणणणीीीीःःःः मूल िविनयम भारत के राजप7 म8 ?दनांक 30.09.2000 को (cid:31)कािशत ?कए गए थे।
NOTIFICATION
Mangalore, the 5th May, 2014
No. PAD : IR: 199:2013-14.—In exercise of the powers conferred by Section 19 of the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970 and Section 19 of the Banking Companies (Acquisition and
Transfer of Undertakings) Act, 1980), the Board of Directors of Corporation Bank 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 Corporation Bank Officer Employees’ (Acceptance of Jobs in Private Sector Concerns after Retirement)
Regulations, 2000, namely:—
1. (1) These regulations may be called Corporation Bank Officer Employees’ (Acceptance of Jobs in Private Sector
Concerns after Retirement) Amendment Regulations, 2013.
(2) These regulations shall come into force on the date of their publication in the Official Gazette.
2. In regulation 4 of the Corporation Bank Officer Employees’ (Acceptance of Jobs in Private Sector Concerns after
Retirement) Regulations, 2000, in sub-regulation (1), for the words “two years”, the words “one year” shall be
substituted.
K. GIRIDHAR SHENOY, General Manager (HRM)
[ADVT-III-4/Exty./291/14]
Footnote: The Principal Regulations were published in the Gazette of India dated 30.09.2000.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.