In exercise of the powers conferred by clause f of subsection 2 of section 19 of the Banking Companies

EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 711] NEW DELHI, TUES DAY , SEPTEMBER 10, 2024/BHADRA 19, 1946 CG-WB-E-10092024-257049 (1) (2) INDIAN OVERSEAS BANK (Human Resources Management Department) (HEAD OFFICE: CHENNAI ) NOTIFICATION Chennai, the 10th September , 2024 No. HRMD/PEN/001/202 4.—In exercise of the powers conferred by clause (f) of subsection (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, 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 Indian Overseas Bank (E mployees') Pension Regulations, 1995, namely: — 1. (1) These regulations may be called the Indian Overseas Bank (E mployees') Pension (Amendment) Regulations , 2024. (2) The y shall come into force on the date of their publication in the Official Gaze tte. 2. In the Indian Overseas Bank (Employees') Pension Regulati ons, 1995 (hereinafter referred to as the said regulations), in regulation 2, in clause (s), in sub -clause (d), the following provisos Shal l be inserted, namely: -- "Provided further that special allow ance introduced with eff ect from the 1st day of November , 2012 shall be excluded: Provided also that an employee who was in the services of the Bank as on the 1st November , 2017 and whose stagnation increments have been re -adjusted as per revised periodici ty from the date of reaching their maximum scale of pay shall be notionally eligible for such revised stagnation increments with effect from the 1st November , 2017 för the purposes of Pension but the monetary benefit on account of such re_adjustment shall be payable only with effect from the 1st November, 2020 or the actual date of entitlement, whichever is later.". 3. In regulation 22 of the s aid regulations, in sub -regulation (1), the following proviso shall be inserted, namely: — "Provided that the removal of an employee who is employed in the service of the Bank as a workman on full time work on permanent basis or on part -time work on permanent basis on scale wages. shall net entail f or forfeiture of his entire past service and shall qualify for pensionary benefits. 4. In regulation 36 of the said regulations, after clause (f), the following clause shall be inserted, namely: - "(g) rupees three thousand nine hundred and eighty -five per month in respect of an employee, other than a part-time employee, where the employee retired on or after the 1st day of November, 2 017, rupees one thousand three hundred and thirty -five per month in respect of a pa rt-time employee drawing 1/3 scale of wages , rupees two thousand per month in respect of part -time employee drawing 1/2 scale wages, and rupees three thousand per month in respect of a part -time employee drawin g 3/4 scale wages, where the part -time employee retired on or after the 1st day of Novembe r, 2017." 5, In regulation 40 of the said regulations, --- (a) in sub -regulation (1), --- (i) in clause (b), for the first proviso, the following proviso shall be substituted, namely: -- "Provided that the family pension payable to son or daughter (including widowe d or divorced) shall be discontinued or not be admissible when the eligible son or daughter starts earning a sum in excess of rupees twelve thousand per month f rom employment in Gove rnment or private sector or self -employment"; (ii) for clause (c), the followin g clause shall be substituted, namely: -- "(c) in the case of parents, the family pension shall be discontinued or no t be admissible if the i ncome of one of the parents or the aggregate income of bo th the parents from employment in Government or Private sec tor or self_employment , exceeds rupees twelve thousand per month;" : (b) in sub -regulation (4), (i) in clause (a), after sub -clause (vi), the following shall be inserted, namely :-- "(vii) twenty -six thousand five hundred and sixty rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after th e 1st day of November, 2017: Provided that on and from the 1st day of April , 2021, sub -clauses (i) to (vii) shall cease to have effect and the amount of both pensions for all the a bove said category of employees shall be payable as per the provisions of sub - clause (i) of clause (a) and sub -clause (i) of clause (b) of sub -regulation (3) of regulation 39."' ; (ii) in clause (b), after sub -clause (vi), the following shall be ins erted, namely: -- "(vii) twenty -six thousand five hundred and sixty rupees per mensem only in respect of employees, both officers and workmen, who retired or died on or after the 1st day of November, 2017: Provided that on and from the 1st day of April, 2021, sub clause (i) to (vii) shall cease to have e ffect and the amount of both the pension for all the above said category of employees shall be payable as per the provisions of sub regulation ( 1) of regulation 39 or sub -clause (i) of clause (a) and sub -clause (i) of clause (b) of sub-regulation (3) of the said regulation, as the case may be."; (iii) in clause (c), after the sub -claus e (vi), following sub -clauses shall be inserted, namely: -- "(vii) thirteen thousand two hundred and eighty only in respect of employees, bo th officers and workmen, who retired or died on or after the 1st day of November, 2 017: Provided that on and from the 1st day of April, sub clause (i) to (vii) shall cease to have effect and the amount of the two pensions for all the above said category of employees shall be payable as per the provisions of sub - regulation (l) of regulation 39 6. In Appendix -Il to the said Regulations , for clause (4), the following shall be substituted, namely: - "(4) In respect of employees who retire on or after the 1st May, 2005, dearness relief shall be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 2288 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers in the series 1960=100. Such increase or decrease in dearness relief for every said 4 points shall be calculated at the rate of 0.18 per cent . of basic pension: Provided that on and from the 1st day of May, 20 05, in respect of employees who retired on or after the 1st day of November , 2002 but on or before the 30th day o f' April, 2005, dearness relief shall be payable in terms of this clause: Provided further that in respect of employees who retired on or after the 1st day of November, 2007 dearness relief shall be paya ble for every rise or be recoverable for every fall, as the case may be, of every 4 points over 2836 points in the quarterly average of the A ll India Average Consumer Price Index for Industrial Workers in the series 1960=100. Such increase or decrease in d earness relief for every said 4 points shall be calculated at the rat e of 0.15 per cent. of basic pension: Provided also that in respect of employees who retired on or after the 1st day of November, 2012, dearness relief shall be payable for eve ry 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=1 00. Such increase or decrease in dearn ess relief for every said 4 points shall be calculated at the rate of 0.10 per cent . of basic pension: Provided also that in respect of employees who retired on or after the 1st day o f November, 20 17, dearness relief shall be payable for every rise or be r ecoverable for every fall, as the case may be, of every 4 points over 6352 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers in the series 1960=100. Such increase or decrease in dearness relief for every said 4 points shall be calculated at the rate of 0.07 per cent. of basic pension .”. 7. In Appendix III to the said regulations, after clause (f), the following clauses shall be inserted, namely: -- "(g) in respect of employees (both officers and workmen) o ther than part -time employees retiring on or after the 1st day of November, 2017: Scale of Pay Per Month Amount of monthly family Pension (1) (2) Upto Rs.15,880 30 per cent. of the pay shall be the basic family pension and additional 30 per cent. of allowance which are counted for making contribution to provident fund but not for the dearness allowance, shall be the additional family pension: Provided that the aggregate of basic and additional family pension shall be subject to a minim um of Rs.3985 per month. Rs.15,88 1 to Rs.31,760 20 per cent. of the pay shall be the basic family pension and additional 20 per cent. of allowance which are counted for making contribution s to provident fund but not for the 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.4900 per month. Above Rs.31,760 15 per cent. of the pay shall be the basic family pension and additional 15 per cent. of allowance which are counted for making contribution s to provident fund but not for the 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.6365 per month and maximum of Rs.13280 per month. (h) On and from the 1st day of April , 2021 clauses (a) to (g) shall cease to have effect and in respect of all employees (both officers and workmen) mentioned in the said clauses, 30 per cent. of the Pay shall be the basic fa mily pension plus 30 per cent of allowance which are counted for making contribution to provident fund but not for dearness allowance, shall be the additional family pension.". Explanatory Memorandum The regulations which have been given retrospective effect are as per the agreed te rms 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 an d apex level workmen unions and officers' associations of the banks. Therefore, interests of no person shall be adversely affected by such retrospective effect. D. K. BARIK , General Manager – HRMD [ADVT. -III/4/Exty./ 481/2024 -25] Note: The principal regulations were published in the Gazette of India, Part I II, Section 4 vide notification number PAD/ 179/2097, dated the 29th September, 1995 and lastly amended, vide notificatio n number HRMD/PEN/001/2023, dated the 27th Octobe r, 2023. 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.