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In reply to innumerable
queries received for the eligibility criteria for second pension option
to dismissed or compulsorily retired employees: please look into the
BANK (EMPLOYEES') PENSION REGULATIONS ADOPTED BY VARIOUS NATIONALIZED
BANKS.
Under the types of pension; there are six categories:-
1. SUPERANNUATION PENSION
2. PENSION ON VOLUNTARY RETIREMENT
3. INVALID PENSION
4. PREMATURE RETIREMENT PENSION
5. COMPULSORY RETIREMENT PENSION
6. COMPASSIONATE ALLOWANCE
RESIGNATION,. REMOVAL/ DISMISSAL/TERMINATION OF SERVICE
In case of dismissal, resignation, removal or termination of service no
pension benefit is admissible due to forfeiture of service. However,
Compassionate Allowance is granted to an officer who is dismissed or
removed from service and in the case deserving special consideration,
the Competent Authority sanctions the allowance, not exceeding
two-thirds of the pension which would have been admissible to him on the
basis of the qualifying service rendered up to the date of his dismissal
, removal or termination. The Compassionate Allowance sanctioned,
however, shall not be less than the minimum pension. Commutation
is payable only after medical examination by the Govt. Civil
Surgeon/ Bank’s Doctor.
COMPULSORY RETIREMENT PENSION
Compulsory retirement pension is granted to an officer where he is made
to retire compulsorily as a measure of penalty by the Competent
Authority. Whenever the Competent Authority passes an order (whether
original, appellate or in exercise of powers or review) awarding a
pension less than the full compensation pension admissible under these
Regulations, the Board of Directors shall be consulted before such order
is passed.
Commutation is payable only after Medical Examination by the Govt. Civil
Surgeon/Bank’s Doctor.
Friends! Briefly speaking, dismissed officers are eligible to get
Compassionate Allowance in deserving cases and Compulsorily Retired
Officers leaving Bank as a result of penalty are eligible for Compulsory
Retirement Pension, as stated above.
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