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AIBOC resentment over misinterpretation by some banks of 2nd Option on Pension Provisions

By: Ekta, Place: New Delhi,  Update:08 Mar 2011

AIBOC resentment over misinterpretation by some banks of 2nd Option on Pension Provisions

The All India Bank Officers Confederation (AIBOC) strongly condemned some banks rejection of 2nd pension option application of bank employees, who were in the service of the Banks as on 27.04.2010 and subsequently sought Voluntary Retirement from the service of the Bank, in consonance with the Officers’ Service Regulations, and have been denied an opportunity to opt for pension for which they are rightfully entitled.

 

The General Secretary of AIBOC Mr G. D. Nadaf written a memorandum to IBA chairman said that as per the settlement reached between the Unions in the Banking Industry and the IBA on 27.11.2009, adopted by the respective Banks in regard to the interpretation of the eligibility in respect of officers, who had remained in service on the date of the agreement, subsequently retired under voluntary retirement provisions of the service rule, are eligible for pension option. They submitted the applications along with the necessary remittance seeking the membership of the pension scheme. However, the applications of these members have been rejected by the Managements of some of the Banks, reportedly at the intervention of the Indian Banks’ Association. 

 

Mr Nadaf said that the different banks have been adopting different yardsticks and thereby causing hardship to a number of eligible candidates. Our information reveals that, all the Banks, except Syndicate Bank, Allahabad Bank, have permitted all such applications, have enrolled them as members of the Pension Scheme, and have already passed on the Pension benefits to them, since they have gone by the spirit of the agreement reached at the industry level.  

 

The AIBOC demanded in their memorandum that issue suitable instructions to all those Banks who have unreasonably and unilaterally denied the pension scheme to the employees on a wrong interpretation, against the spirit of the understandings.

 
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2 Recent Comments
Raju L V     23 June 2011
Please inform the updated information about the stand of the IBA with regard to the Second Pension Option to resigned Bank Officers with 20 to 35 years of service.
 
ADESH    19 March 2011
Dear Sir, Kindly update what is going with the resignee officers those have left job in sep 2007 but after completing more than 20 years service
 
 
2 More Comments
 
  Raju L V : 23 June 2011 :
Please inform the updated information about the stand of the IBA with regard to the Second Pension Option to resigned Bank Officers with 20 to 35 years of service.
  ADESH : 19 March 2011 :
Dear Sir, Kindly update what is going with the resignee officers those have left job in sep 2007 but after completing more than 20 years service
 
 
 
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