In exercise of the powers conferred by sub section 1 and clause f of sub section 2 of Section 19 of the Banking Companies

7033 GI/202 3 (1) रजजस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 753] NEW DELHI , WEDNES DAY , NOVEMBER 8, 2023/ KARTIKA 17, 1945 CG-DL-E-08112023-249956 (1) (2) 1 पीएडी /पीईएन /226/2000 13.6.2000 15.7.2000 2 पीएडी /पीईएन /001/2002 03.4.2002 20.4.2002 3 पीएडी /पीईएन /002/2002 31.1.2003 01.3.2003 4 पीएडी /पीईएन /001/2004 30.3.2004 24.5.2004 5 पीएडी /पीईएन /001/2009 04.1.2010 27.2.2010 6 पीएडी /पीईएन /001/2013 18.7.2013 21.9.2013 INDIAN OVERSEAS BANK (Human Resources Management Department) (CENTRAL OFFICE, CHENNAI) NOTIFICATION Chennai, the 27 th October , 2023 F. No. HRMD/PEN/001/2023 .—In exercise of the powers 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, 1970 (5 of 1970), the Board of Directors of the Indian Overseas Bank in 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 Indian Overseas Bank [Employees’] Pension Regulations, 1995, namely: - 1. Short title and commencement . -- (1) These regulations may be called the Indian Overseas Bank [Employees’] Pension (Amendment) Regulations, 2023. (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 Indian Overseas Bank [Employees’] Pension Regulations, 1995, (hereinafter referred to as the said regulation), 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 followi ng clause 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 40 of the said regulations, --- (a) in sub -regulation (1), --- (i) in clause (b), for the first proviso, the followin g proviso shall be substituted, namely: --- “Provided that the family pension payable to sons or daughter (including widowed or divorced) shall be discontinued or not be admissible when the eligible son or daughter starts earnin g 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 shall 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. exceeds 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 after 1st day of November 2012.” (iii) in clause (c), after sub -clause (v), the 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 20 12.” 5. In Appendix II to the said regulations, the clause (4), after the second proviso, the following proviso shall be inserted, namely: - “Provided also that in respect of employees who retired on or after 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 Workers 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 percent of basic pension.”, 6. In Appendix III to the said regulations, after clause (e), the following clause shall be inserted, namely: --- “(f) In respect o f 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) Explanatory Memorandum The regulations which have been given retrospective effect are as per the agreed terms and conditions of the settlements and Joint Notes 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 ape x level workmen unions and officers’ associations of the Banks. Therefore, interests of no person shall be adversely affected by such retrospective effect . SHUBHENDU KUMAR VERMA , General Manager [ADVT. -III/4/Exty./ 536/2023 -24] Note : The principal regulations were published in the Gazette of India, vide notification number PAD/179/2097, 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 number Date of Notification Date of Publication 1 PAD/PEN/226/2000 13.06.2000 15.07.2000 2 PAD/PEN/001/2002 03.04.2002 20.04.2002 3 PAD/PEN/002/2002 31.01.2003 01.03.2003 4 PAD/PEN/001/2004 30.03.2004 24.05.2004 5 PAD/PEN/001/2009 04.01.2010 27.02.2010 6 PAD/PEN/001/2013 18.07.2013 21.09.2013 7 HRMD/PEN/001/2017 29.11.2017 20.03.2018 Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Del hi-110064 and Published by the Controller of Publications, Delhi -110054. Upto Rs. 11,100 30 per cent of the Pay shall be the basic family pension and additional 30 per cent of allowances which are counted for making contribution to Provident Fund but not for dearness allowance, shall be the additional family pension: Provided that the aggregate of basic and additional family pension shall be subject to a minimum of Rs.2785/ - per 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 allowances which are counted for making contributions to Provident Fund but not for dearness allowance, shall be the additional family pension: Provided that the aggregate of basic and additional family pension shall be subject to minimum of Rs. 3422/ - per 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 tha t the aggregate of basic and additional family pension shall be subject to a minimum of Rs. 4448/ - per month and maximum of Rs. 9284/ - per month.”,