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

EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 543] NEW DELHI, FRIDAY, AUGUST 4, 202 3/SHRAVANA 1 3, 194 5 CG-DL-E-05082023-247887 (1) (2) PUNJAB AND SIND BANK (PROVIDENT FUND DEPARTMENT ) NOTIFICATION New Delhi , the 3rd August , 2023 F. No. PSB/PEN/AMEND/1/2023 (E).—In exer cise of the power s conferred by sub-section (1) and clause (f) of sub -section (2) of section 19 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 19 80 (40 of 19 80), the Board of Directors of the Punjab and Sind Bank, after consultati on with Reserve Bank of India and with the previous sanction of the Central Government, hereby makes the following regulations further to amend the Punjab and Sind Bank (Employees ’) Pension Regulations , 1995 , namely :— 1. Short title and commencement. —(1) These regulations may be called the Punjab and Sind Bank (Employees’) Pension (Amendment) Regulations, 20 23. (2) Save as otherwise expressly provided in these regulations, they shall come into force on the date of their publication in the Official Gazette . 2. In the Punjab and Sind Bank (Employees’) Pension Regulations, 1995 (hereinafter referred to as the said regulations ), in regulation 27 , for the note, the following note shall be substituted , namely :— “Note 1: With effect from 1st November 2012, for the purpose of calculating the amount of pension in respect of permanent part -time employees in scale wages who are covered by the Pension Scheme, their actual service shall be reckoned for qualifying service and not pro-rata. Note 2: The actual service or qualifying service shall be calculated from the date of recruitment or appointment as permanent part -time employee in scale wages or from 1st September , 1978 , whichever is later. ”. 3. In regulation 36 of the said regulations, after clause (e), the following c lause shall be inserted , namely :— “(f) rupees two thousand seven hundred and eighty -five per month in respect of an employee , other than a part - time employee, where the employee retired on or after 1st day of November 2012 , rupees nine hundred and thirty -two per month in respect of a part -time employee drawing 1/3 scale of wages, rupees one thousand three hundred and ninety -seven per month in respect of part -time employee drawing ½ scale wages , and rupees two thousand and ninety -six per month in respect of a part -time employee drawing ¾ scale wages, where the part - time employee retired on or after the 1st day of November 2012. ”. 4. In regulation 4 0 of the said regulations, — (a) in sub-regulation (1), — (i) in clause (b) , for the first provis o, the following proviso shall be substituted , namely: — “Provided that the family pension payable to son or daughter (including widowed or divorced) shall be discontinued or not be admissible when the eligible son or daughter starts earning a sum in excess of rupees ten thousand per month from employment in Government or private sector or self-employment , etc.”; (ii) for clause (c), the following clause s hall be substituted , namely: — “(c) in the case of parents , the family pension shall be discontinued or not be admissible if the income of one of the parents or the aggregate income of both the parents from employment in Government or private sector or self-employment , etc. exc eeds rupees ten thousand per month. ”; (b) in sub-regulation (4) ,— (i) in clause (a), after sub -clause (v), the following sub-clause shall be inserted, namely: — “(vi) eighteen thousand five hundred and sixty -eight rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2012.”; (ii) in clause (b), after sub-clause (v ), the following sub-clause shall be inserted, namely: — “(vi) eighteen thousand five hundred and sixty -eight rupees per mensem only in respect of employees , both officers and workmen, who retired or died on or af ter 1st day of November 2012. ”; (iii) in clause (c), after the sub-clause (v ), following sub-clause shall be inserted, namely :— “(vi) nine thousand two hundred and eighty -four rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after 1st day of November 2012. ”. 5. In Appendix II to the said regulations , in clause (4) , after the second proviso, the following proviso shall be inser ted, namely: — “Provided also that in respect of employees who retired on or aft er 1st day of November 2012, dearness relief shall be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 4440 points in the quarterly average of the All India Average Consumer Price Index for Industrial Work ers in the series 1960=100 and such increase or decrease in dearness relief for every said 4 points shall be calculated at the rate of 0.10 per cent. of basic pen sion.”. 6. In Appendix III to the said regulations, after clause (e), the following clause shal l be inserted, namely :— “(f) In respect of employees (both officers and workmen) other than part -time employees retiring on or after 1st day of November 2012: Scale of pay per month Amount of monthly family pension (1) (2) Upto Rs.11,100 30 per cent. of the pay shall be the basic family pension and additional 30 per cent . of allowance s which are counted for making contribution to Provident Fund but not for dearness allowance, shall be the additional family pension : Provided that t he aggregate of basic an d additional family pension shall be subject to a minimum of Rs.2785 p er month . Rs.11,101 to Rs. 22,200 20 per cent . of the pay shall be basic family pension and additional 20 per cent . of allowance s which are counted for making contributions to Provident Fund but not for dearness allowance, shall be the additional family pension : Provided that t he aggregate of basic and additional family pension shall be subject to minimum of Rs.3422 p er month . Above Rs.22,200 15 per cent . of the pay shall be the basic family pension and additional 15 per cent. of allowances which are counted for making contributions to Provident Fund but not for the dearness allowance, shall be the additional family pension : Provided that t he aggregate of basic and addition al family pension shall be subject to a minimum of Rs.4448 p er month and maximum of Rs.9284 p er month .”. Explanatory Memorandum The regulations which have been given retrospective effect are as per the agreed terms and conditions of the settlement and Joi nt Note signed between the Indian Banks’ Association on behalf of member banks on the basis of specific mandate given by the respective banks in this regard and apex level workmen unions and officers’ associations of the Bank s. Therefore, interests of no p erson shall be adversely affected by such retrospective effect. S V M KRISHNARAO , General Manager - HRD [ADVT. -III/4/Exty./3 25/2023-24] Note: The principal regulations were published in the Gazette of India , vide notification number PSB/STAFF/PENSION/95 , dated the 29th September,1995 and subsequently amended , vide the following notifications published in Part III, Section 4 of the Gazette of India, namely: — Sl. No. Notification numb er Date of notification Date of publication 1 PSB/PEN/AMEND/1/99 9.9.1999 9.9.1999 2 PSB/PEN/AMEND/1/2002 22.4.2002 22.4.2002 3 P.S.B./PEN/Amend/06/2002 5.12.2002 5.12.2002 4 PSB/PEN/AMEND/1/2004 5.8.2004 11.8.2004 5 PSB/PEN/AMEND/1/2010 28.7.2010 4.8.2010 6 PSB/PEN/AMEND/1/2013 16.11.2013 10.12.2013 7 PSB/PEN/AMEND/1/2017 1.11.2017 21.12.2017 Uploaded by Dte . of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054 .