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.