Thursday, March 24, 2011

Karnataka HC judgement on 5 yrs additional service to SVRS pensioners of State Bank of Mysore decided favourably

Our group member Shri Prasad C.N. has informed that Karnataka HC has given judgement in  pensioners' favor .Congratulations on the hard , long fought court battle .His letter is reproduced below
Dear friends,
A long wait of 8 years is finally over with a favorable verdict. The Hon'ble High Court of Karnataka has delivered judgment allowing our both prayers, viz., Notional addition to the extent of 5 years of service for those who retired under SBMVRS - 2001 (SVRS) and calculating pension based on pay drawn during last 10 months prior to retirement (not adding DA upto 1616 points to 6th BPS pay). The Hon'ble High Court has ordered  :
a.    Payment of pension by adding (maximum of ) 5 years of notional service as available under Regulation 29 of SBM Pension Regulations to those who retired under SBMVRS (SVRS) - 2001
b.   Calculating Basic pension based on 'Pay' of last 10 months before retirement from the date of retirement to 30.04.2005 and consequent Commutation of pension.  Since all the petitioners are those who retired under SBMVRS - 2001, this judgement is applicable to them.  However, every
one of those who retired during the period 1.4.1998 to 31.10.2002 are eligible for this benefit.    However, pension based on last 10 months pay is being paid from 01.05.2005.  Consequently, those who have completed more than 32 years of service and retired between   1.4.1998 & 31.10.2002 are entitled to arrears of pension & commutation.  But, thereafter, pension gets reduced on account of recovery of commutated portion of pension, as they are already in receipt of revised pension.
        Arrears have to be paid within 90 days, failing which, interest at 6% is payable from the date of judgement.
        Copy of the judgment would be uploaded by us, immediately after it is made available to us.
         Thanking you,
     With regards,
      Prasad C N

Friday, March 11, 2011

pension option for resignee / VRS (under Bank's Regulatios) Officers - AIBOC Circular

The Officers working in the Banking Industry and who

(i) Retired under Voluntary Retirement Scheme of individual banks, as enshrined in the Officers’ Service Regulations.
(ii) Exit Option Scheme introduced by Subsidiary Banks of State Bank of India.
(iii)  Resigned from the service of the Bank for various reasons including health reasons in the absence of the provisions in OSR for Voluntary Retirement but after completing pensionable service of more than 20 years.
(iv) Were retired  by the Bank prematurely by imposing punishment of compulsory retirement, discharge, termination etc.
(v)  Retired under Voluntary Retirement Scheme of the Bank after 27.04.2010 on which date the Joint Note was signed by IBA and AIBOC along with other Officers’ Organisations etc.

have been denied pension option. AIBOC has been per-suing the  the matter with IBA. AIBOC has issued a circular in this regard.
  Click here to view AIBOC  circular.