Tuesday, August 31, 2010

Pension option Circular by Dena Bank

Dena Bank has issued Pension Option Circular - Extending another option to join the Pension Scheme to those who did not opt earlier - Settlement / Joint Note dated 27.04.2010 signed with Workmen Unions / Officers Organisations
Dena Bank has allowed adjustment of commutation amount and pension arrears upto  Nov. 2010, against payment of 1.56 times banks contribution of PF to the bank by an employee wishing to opt for pension under second pension option. In case of some banks such adjustment is not allowed , though in  IBA circular it is clearly mentioned that banks may consider setting off the commutation amount payable to an employee , against the gap amount of 1.56 times of bank's contribution to PF payable to the bank at the time of availing the option.

Click Here to Download the Circular

(It may take some time to download the file - file size approx. 2MB)

1 comment:

  1. Ananth ShreeVas

    Now it is clear that IBA has taken the Union leaders for a ride, by not specifically including VRS retirees, though they have not specifically excluded that category either. Or all the Union leaders were a party to IBA decision. In any case, it is apparent that in India, the weaker can be bullied and agreements twisted or misinterpreted. The hapless Senior retirees are made to go from pillar to post after they were given hope by IBA themselves by way of 10/12/2009 clarification. The court cases can go on for ever, depleting the meagre resources of the old people ! IBA can now proudly and happily add to their insignia, the words "ASATYAMEVA JAYATE ".

    Yours faithfully,

    Ananth ShreeVas.