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RRB Employees PENSION SCHEME : HIGH LIGHTS

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Pension Scheme becomes true to RRB Employees and officers now. These are the highlights of pension scheme almost finalised by Govt. of India. Very soon, it will be announced to us. Com.D.K.Mukherjee, AIRRBEA, Secretary General, who is getting treatment in NIMHANS HOSPITAL, Bangalore released this glad news to all of us. Let us wish him to get well soon!

AIRRBEA ZINDABAD !
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  • The Scheme is in lieu of Employees Pension Scheme, 1995 and Employees PF & Miscellaneous Provisions (Amendments) Act, 1996
  • The Regulations framed under the Pension Scheme shall be known as RRB (Staff) Pension Regulation, 2012
  • The Scheme shall be optional.  Staff / families of the deseased employees not opting for the scheme shall continue to be covered under existing schemes
  • Having regard to the date of implementation of NIT Award giving parity to staff of RRB with that of employees in comparable grade in nationalised banks w.e.f. 1.9.1987, all those employees who were in service of RRB as on 1.9.1987 and joined thereafter shall be covered under the scheme.                                                            
  • Staff who retired or died after 1.9.1987, shall be entitled for Pension / Family Pension  as the case may be, under the scheme.
  • Pension shall be payable from 1.4.2012                                              
  • Staff who were in service as on 31.3.2012 opting for the scheme, will require to refund  bank's contribution to PF as on that date.                                                                                                                                                              
  • Bank's PF contribution shall have to be refunded with interest by those staff  who have already retired prior to1.4.2012 to be eligible under the Scheme.
  • Bank's PF contribution shall have to refunded with interest by the family of the staff  who died after retirement or in service to be eligible for family Pension.
  • There will be three classes of Pension viz. Superannuation Pension, Invalid Pension and Compulsory Retirement Pension.
  1. Superannuation Pension shall be granted to the staff  who has retired on his / her attaining the age of superannuation specified in the Service Regulations.
  2.  Invalid Pension may be granted to staff who has rendered 10 years of service and retired from the service of the bank after 1.4.2012 on account of any bodily or mental infirmity which permanently incapacitates him/her from the service.
  3. Compulsory Retirement Pension may be granted to staff retired from service as a penalty on or after 1.4.2012 in terms of Service Regulations.  Such Pension may be granted by an authority higher than the authority competent to impose such penalty.
  • In respect of a staff retiring in accordance with the Provisions of Service Regulation completing a qualifying Service of not less than 33 years, the amount of basic pension shall be calculated at 50% of the average emoluments.
  • Additional Pension shall be fifty percent of the average amount of the allowances drawn by staff during the last 10 months of his service but  no dearness relief shall be payable on additional pension.
  • Pension computed as aggregate of Basic pension and Additional Pension shall be subject to the minimum pension specified in the Regulations.
  • In the case of staff retiring before completing the specified qualifying service of 33 years but after completing 10 years of service, the amount of Pension shall be proportionate to the amount of pension admissible under basic pension and additional pension and in no case shall be less than the amount of minimum pension.
  • Dearness relief shall be granted on Basic pension, Family Pension, Invalid Pension and  on Compulsory Retirement Pension in accordance with rates prescribed in the Regulations.
  • Dearness relief shall be allowed on full basic pension even after commutation.                             
  • The family of the staff who retired and died or who died in service after completion of minimum 1 year of continuous service (for death before completion of 1 year continuous service, separate stipulations have been laid down) shall be eligible for family pension and the amount of which shall be determined in accordance with the stipulations in the Regulations.
  • The period for which Family pension is payable to eligible family members shall be as prescribed in the Regulations.
  • Staff who is entitled for a Superannuation pension, Invalid Pension or Compulsory Retirement Pension shall be entitled to commute for a lump sum payment of a fraction not exceeding one third of his basic pension.  The family of such staff  who were in service in a specified period and had died after retirement but before notified date, will be entitled to commute for Lump sum payment a fraction not exceeding one third of Pension amount admissible to the employee.
  • The lump sum payable to an applicant-employee shall be calculated in accordance with the criteria laid down in the Regulations.
  • Staff who had commuted the admissible portion of pension, is entitled to have commuted portion of Pension restored after the expiry of a period of fifteen years from the date of commutation.
  • Other general conditions as regard continuance of Pension etc. are subject to compliance of various provisions in the Service Regulations so far as good conduct, conviction by Court etc. are concerned
  • To facilitate Payment of Pension / Family Pension each RRB needs to constitute a fund called RRB (Staff) Pension Fund under an Irrevocable Trust                                                                                                                                                    
                    
  • .An employee who has rendered a minimum of ten years of service in the Bank on the date of his retirement shall qualify for pension. 
  • Resignation or dismissal or removal or termination of an employee from the service of the Bank shall entail for forfeiture of his entire past service and c service of a Bank employee entails forfeiture of his past service. 
  • Superannuation pension shall be granted to an employee who has retired on his attaining the age of Superannuation specified in the Service Regulations. 
  • On or after the 1st day of April, 2012, at any time after an employee has completed twenty years of qualifying service he may, by giving notice of not less than three months in writing to the appointing authority retire from service. 
  • An employee compulsorily retired from service as a penalty on or after 1st day of April, 2012 in terms of RRB  (Employees) Service Regulations, 2010 or awards/settlements may be granted by the authority higher than the authority competent to impose such penalty, pension at a rate not less than two-thirds and not more than full pension admissible to him on the date of his compulsory retirement if otherwise he was entitled to such pension on superannuation on that date.” 
  • Payment of pension or family pension in respect of employees who retired or died between 1.9.1987 to 1.4.2012. 
  • Employees who have retired from the service of the Bank between the 1st day of September, 1987 and the 31st day of March, 2012 shall be eligible for                                   pension with effect from the 1st day of April, 2012. 
  • An employee shall be entitled to commute for a lump sum payment of a fraction not exceeding one-third of his pension:

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