Saturday, November 10, 2012

Good News for VRS optee officers - IBA issued circular regarding 2nd option of pension to VRS optee officers who took VRS under OSR

IBA has issued circular directing member banks to extend second option of pension to officers who took VRS under Bank Officers' Service Regulations  (OSR).  Family members of such officers , who are deceased but who were in service at that time, are also eligible for family pension.  Officers who took VRS under Bank OSR  were denied second option of pension at the time when second option of pension was extended to other categories of officers and award staff.

Click here to view IBA circular 
IBA has issued corrigendum to above circular on 12/11/2012.
Click hee to view corregendum to IBA circular  

1 comment:

  1. Officer's Service Regulation 19(1) reads as:-The age of retirement of an officer employee shall be as determined by the Board in accordance with the guidelines issued by the Government from time to time.Provided that the Bank may, at its discretion, on review by the special committee/special committees as provided hereinafter in sub-regulation (2) retire, if it is considered necessary to do so in the public interest, an officer employee on or at any time after the completion of 55 years of age or on or at any time after the completion of 30 years of total service as an officer employee or otherwise, whichever is earlier; Provided further that before retiring an officer employee, at least three months' notice in writing or an amount equivalent to three months' substantive salary/pay and allowances, shall be given to such officer employee;
    Now clarification is needed as to whether 30 years of service or 55 years of age is mandatory to get another option for pension under Bank Officer's service regulation.If so very few will get pension and not every officer who took VRS before completion of 30 years of service in Nationalized banks. There are more number of officers who have taken VRS after completing 20 years of service but not 30 years or before attaining 55 years of age.