AIBOA has issued circular regarding it's efforts to get legal recourse for justice to the employees who have taken VRS under Officers' regulations and employees who were compulsorily retired by the bank. These employees were denied the pension option under 9th BPS. The detailed circular is reproduced below.
Monday, February 21, 2011
Tuesday, February 1, 2011
Increase in D.A. slabs from Feb 2011
Pensioners D A will increase by 61 slabs from Feb 2011.
D.A. Rates for Pensioners (%) – 61 Slabs more
Retired prior to 01-11-1992 - 892 Slabs over 600 points
Upto 1250 1251-2000 2001-2130 Abv 2130
597.64% 490.60% 294.36% 151.64%
After 01-11-1992 upto 31-03-1998 - 755 Slabs over 1148 points
Upto 2400 2401-3850 3851-4100 Abv 4100
264.25% 218.95% 128.35% 67.95%
After 01-04-1998 upto 31-10-2002 - 621 Slabs over 1684 points
Upto 3550 3551-5650 5651-6010 Abv 6010
149.04% 124.20% 74.52% 37.26%
Retired on or after 1-11-2002 - 470 Slabs over 2288 points
For the entire Basic Pension Amount 84.60%
Retired on or after 1-11-2007 - 333 Slabs over 2836 points
For the entire Basic Pension Amount 49.95%
D.A. Rates for Pensioners (%) – 61 Slabs more
Retired prior to 01-11-1992 - 892 Slabs over 600 points
Upto 1250 1251-2000 2001-2130 Abv 2130
597.64% 490.60% 294.36% 151.64%
After 01-11-1992 upto 31-03-1998 - 755 Slabs over 1148 points
Upto 2400 2401-3850 3851-4100 Abv 4100
264.25% 218.95% 128.35% 67.95%
After 01-04-1998 upto 31-10-2002 - 621 Slabs over 1684 points
Upto 3550 3551-5650 5651-6010 Abv 6010
149.04% 124.20% 74.52% 37.26%
Retired on or after 1-11-2002 - 470 Slabs over 2288 points
For the entire Basic Pension Amount 84.60%
Retired on or after 1-11-2007 - 333 Slabs over 2836 points
For the entire Basic Pension Amount 49.95%
D.A calculator is available for calculating revised D.A. and difference. For calculating D.A , enter basic ( original basic without reducing commutation amount) and click on the calculate button. Revised D.A , Present D.A. and difference will be displayed on the calculator. Select appropriate retirement date range according to the date of retirement.
Labels:
D.A
Tuesday, January 25, 2011
Pension Updation for LIC pensioners - Rajasthan High Court Judgement
The Rajasthan High Court has pulled up the Life Insurance Corporation of India for not implementing its Board resolution of 2001 for payment of equal pension to all retired employees across the country irrespective of the date of their superannuation. It directed the country's biggest public sector insurer to revise the pensions and dearness allowance corresponding to the revisions in pay scales.
The judgment, delivered by a Division Bench of the High Court, is set to bring major relief to thousands of employees who retired after putting in long years of service with the LIC and provided indemnity cover to the people at large.
The Bench, comprising Justice Dalip Singh and Justice Mahesh Bhagwati, rejected an appeal by the LIC against a Single Bench verdict of January 2010 directing the insurer to implement the Board's resolution passed on November 24, 2001, to meet the demand for parity in pension raised by the All India Retired Insurance Employees' Association.
The Court directed the LIC to revise the pension and dearness allowance paid to the retired personnel corresponding to the successive revisions in pay scales brought into effect in 1986, 1993, 1997, 2002 and 2007. As of now, the retirees are getting pension based on the last pay drawn by them on superannuation.
Source -HINDU 25th Jan.
Click here for news item in The Times of India
The judgment, delivered by a Division Bench of the High Court, is set to bring major relief to thousands of employees who retired after putting in long years of service with the LIC and provided indemnity cover to the people at large.
The Bench, comprising Justice Dalip Singh and Justice Mahesh Bhagwati, rejected an appeal by the LIC against a Single Bench verdict of January 2010 directing the insurer to implement the Board's resolution passed on November 24, 2001, to meet the demand for parity in pension raised by the All India Retired Insurance Employees' Association.
The Court directed the LIC to revise the pension and dearness allowance paid to the retired personnel corresponding to the successive revisions in pay scales brought into effect in 1986, 1993, 1997, 2002 and 2007. As of now, the retirees are getting pension based on the last pay drawn by them on superannuation.
Source -HINDU 25th Jan.
Click here for news item in The Times of India
Labels:
pension,
Wage Revision
Friday, December 31, 2010
Pensionary benefits to employees who were in service of the banks as on 27.04.2010 and died thereafter
IBA has clarified that the family of the employee eligible to exercise the option who died on or after 27.4.2010 shall be entitled for full pension from 27.11.2009 or from the date of retirement which ever is later till the date of death and family pension thereafter. They will also be eligible for commutation of pension; provided they comply with the terms of the settlement / Joint Note. AIBOC has issued circular in this regard. Click on the link below to view the circular.
Labels:
pension,
Wage Revision
Wednesday, October 20, 2010
Pension Calculations for employees retired between Nov. 2007 and July 2008
Indian Banks Association has issued guidelines for the calculation of basic pension of employees who retired between Nov 2007 and July 2008. Pension Basic is calculated on last 10 months average basic. Last 10 months basic of these employees falls in two bipartite settlements i.e. for some months - 8th BPS and for some another months - 9th BPS. In such cases, for arriving at average basic pension , certain percentage of D.A. is added to the basic pension of 8th BPS. IBA has issued detailed guidelines in this regard. For viewing the IBA guideline click on the link below.
Labels:
pension,
Wage Revision
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