AIBOC issued its circular No. 162 dated 16th December 2010 on the Joint Note with AIBOC and other Officers’ Organisations for extending another option to join the Pension Scheme to those who did not opt for pension earlier. We are reproducing the same here for our readers.’
CIRCULAR NO: 162 16th DECEMBER, 2010
TO ALL AFFILIATES/MEMBERS:
JOINT NOTE WITH AIBOC AND OTHER OFFICERS’ ORGANISATIONS FOR EXTENDING ANOTHER OPTION TO JOIN THE PENSION SCHEME TO THOSE WHO DID NOT OPT FOR PENSION EARLIER.
In the wake of the historic settlement dated 27.04.2010, providing for another option and golden opportunity for the Officers /retired Officers to join the Pension Scheme, Banks have already extended the option. Many Banks have commenced payment of Pension to the retired officers, thus bringing immense joy to them.
Immediately after IBA issued their communication No. Cir/HRDIR/G2/665/90/2010-11/999 dated 10th August, 2010, wherein it was suggested that, Banks may consider netting of commutation amount of the optees against the amount due from them for joining Pension Scheme. But the Government of India did not approve the above suggestion. We once again took up the matter with the IBA and Government of India to approve the suggestion of IBA as many of the retired officers did not have the resources to meet the commitments.
We are happy to inform that the Government of India have accorded their approval for netting –off of commutation amount vide their letter No.14/1/1/2007-IR dated 11.11.2010. addressed to IBA. A copy of the letter is annexed for your information.
With greetings
Sd/-
(G.D. NADAF)
GENERAL SECRETARY
Encl: As above
Indian Banks' Association
HR & INDUSTRIAL RELATIONS
No.OR/HR&IR/G2/665/90/2010-11/1860
November 22, 2010
Designated Officers of Member Banks which are parties to the Bipartite Settlement
Dear Sir,
Bipartite Settlement with Workmen Unions and Joint Note with Officers' Organizations for extending another option to join the Pension Scheme to those who did not opt for pension earlier.
Please refer to our circular No.CIR/HR&IR/ /G2/665/ /90/2010-11/999 dated 10th August, 2010.
In the above circular among other things it was suggested that Banks may consider setting off the commutation amount of the optees against the amount due from them for joining pension scheme.
The said suggestion was not approved by the Government and some banks could not allow such setting off. On taking up the mater once again, the Government has now approved such setting off vide letter No.14/1/1/2007-IR dated 11th November, 2010. We enclose a copy of the same for your information and guidance.
Yours faithfully,
(M. Venugopalan)
Officer-on-Special Duty
No. 14/1/1/2007-IR
Government of India Ministry of Finance Department of Financial Services
Jeevan Deep, III Floor, Parliament Street , New Delhi
Dated the November 11, 2010
Shri. K.Ramakrishnan,
Chief Executive Officer,
Indian Banks' Association, Mumbai.
Subject: Bi-partite Settlement with Workmen Unions and Joint Note with Officers' Organisation for extending another option to join the Pension Scheme to those who did not opt for Pension earlier - Netting of commutation amount
Sir,
I am directed to refer to your letter No. HR&IR/MV /G2/GOV1539 dated 15th . October, 2010 on the subject mentioned above.
Approval of the Government is hereby accorded for netting of commutation amount, as proposed by Indian Banks' Association.
Yours faithfully,
Sd/-
(Rajinder Sood)
Under Secretary to the Govt of India
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