::::: MINISTRY OF FINANCE INITIATIVES 11TH BI-PARTITE PROCESS ::::: ::::: HAPPY PONGAL :::::

Tuesday, June 1, 2010

CIRCULAR NO:78 1st JUNE, 2010

CIRCULAR NO:78 dt. 1st JUNE, 2010 issued by AIBOC reproduced for our readers:

CIRCULAR NO:78 dt.1st JUNE, 2010

TO ALL AFFILIATES/MEMBERS:

2ND OPTION ON PENSION

Regulation No.10 of Bank Employees Pension Regulation 1993 disqualifies resignees for the pension benefit. There is no provision in service conditions for CPF Optees to retire even after putting 20 years of service. Hence, they are left with no choice but to resign, if they want to leave the Bank before attaining superannuation.

2. The IBA has agreed to offer 2nd Option on Pension to all existing CPF Optees as well as those who have retired/died from 1993/95 to 27.04.2010, on certain terms and conditions. But those, who resigned from the Bank service, before attaining the age of Superannuation, are excluded from the offer, as it requires amendment to the existing Pension Regulations. We are flooded with requests from such resignees to consider them also for 2nd Option on Pension.

3. We have today sent a letter to the Chairman IBA, a copy of which is enclosed. We shall advise the outcome in due course.


With greetings,


(G.D.NADAF)
GENERAL SECRETARY

No comments:

Post a Comment