Revised Pension NPS DR PF of Bank Officers Scale I to VII w.e.f 1st Nov, 2017: 11th BI-Partite Settlement Dtd. 11 Nov 2020 Pension (including State B
Revised Pension NPS DR PF of Bank Officers Scale I to VII w.e.f 1st Nov, 2017: 11th BI-Partite Settlement Dtd. 11 Nov 2020
Pension (including State Bank of India)
a. As per extant regulations, pension payable to officers is based on the average of the emoluments drawn in the last ten months preceding the retirement of the officer in terms of Regulations 2 and 38 of the Pension Regulations. For the purpose of payment of pension, the Pay of the officer retiring on or after 1st November, 2017 will be taken on the basis of the Pay as is provided under this Settlement. However, in the case of officers who have retired from the services of the Banks, on or after 1st November, 2017 but before 31st August, 2018, since the period of preceding ten months will constitute Pay both under this Settlement as well as pertaining to Settlement dated 25th May, 2015, in such cases, the following procedure will be adopted for determining Pension payable to them.
(a) For the period of ten months falling on and from 1st November, 2017, the actual Pay drawn by the officer under this Settlement: and
(b) For the period falling prior to 1st November, 2017, the actual Pay drawn by the officer plus Dearness Allowance at the rate of 47.8 percent thereon will be notionally reckoned as Pay for purpose.
With effect from 1st November 2017, the Pay as defined under Clause 6 of this Settlement and drawn by the officers who are members of the Pension Fund shall be taken into consideration for the purpose of calculation of pension as per the Pension Fund Rules/ Regulations in force.
b. Option not to claim incremental commutation on revised basic pension
Officers in service of the Banks as on 1st November 2017 and who – have retired thereafter but before the date of this Settlement and who had opte for conimutation of pension will have an option not to claim incremental commutation on revised basic pension.
c. Dearness Relief on Pension
With effect from 1st November, 2017, in respect of officers who retired or died while in service on or after 1st November, 2017, Dearness Relief shall be payable at 0.07 % per slab on the Basic Pension or Family Pension or Invalid Pension .or compassionate allowance as the case may be. Dearness Relief in the above manner shall be paid half yearly for every rise or fall of 4 points over 6352 points in the quarterly average of the All India Consumer Price Index for industrial workers in the series 1960=100.
a) The Officers who are presently covered – under the Bank Employees’ Pension Regulations, 1995/96 shall continue to contribute 10% of the Pay towards Provident Fund and there shall be no matching contribution.
b) Officers of State Bank of India will continue to be covered by Contributory Provident Fund Scheme as hitherto.
c) Officers who are presently covered under Contributory Provident Fund Scheme who did not opt for Pension Scheme available under Joint Note dated 27th April 2010 shall continue under the Contributry Provident Fund Scheme as hitherto.
New Pension Scheme
a) Officers except in State Bank of Indiawho are governed by New Pension Scheme w.e.f. 01.04.2010, will continue to contribute 10 % of pay plus Dearness Allowance and the bank will make a contribution of 14% of pay Plus Dearness Allowance from the date of signing of Joint Note subject to approval of the Government.
b) Officers in State Bank of India who are governed by New Pension Scheme w.e.f 01.08.2010 will continue to contribute 10% of the pay + Dearness Allowance and the bank will make a contribution of 14% of Pay + Dearness Allowance from the date of signing of the Joint Note subject to approval of the Government
c) The service charges by the Service Provider/Fund Manager of NPS will be borne by the bank from the FY 2021.
Subject to approval by the Government, It is aggred that family pension shall payable to the uniform rate of 30 percent or the Pay of the decesed employee and that there shall be no ceiling on family pension. It is agreed that these provision, when approved by the Government shall apply to SBI olso.
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