OPTION TO JOIN PENSION SCHEME BY THE COMPULSORY RETIRED EMPLOYEES !

Comrades,

Please find attached Permanent Circular No. EST/51/2018 dated 30.11.2018 extending option to the compulsory retirees to join the existing Pension scheme of the Bank.

Salient features of the Option are :-

1. Option extended to those who were in service of the Bank prior to 29.09.1995 and compulsorily retired after that date but prior to the date of Settlement i.e., 27.04.2010.
2. The above compulsory retirees who died thereafter will be eligible  for family pension.
3. Retiree/family member shall excercise an option for pension in writing before 28.01.2019.
4. Refund before 27.02.2019, the entire amount of the Bank’s Contribution to the Provident Fund and interest accrued thereon received by them on retirement together with the payment over and above the  abovesaid amount at 56% of the amount.
5. Pension will be paid with effect from 27.11.2009, provided that the employees who retired after 27.11.2009 shall get pension from the respective dates of their retirement.
6. Retirees shall submit the option form as per Annexure I and family member as per Annexure II attached to the abovementioned circular.
7. These eligible retirees/family members may please contact the nearest branch of our Bank, who have been suitably advised by the Bank to guide them in this process.

Eligible Compulsory retirees may use this opportunity to join the Pension scheme without fail.

Other members who come across this circular may please inform any of those compulsory retirees known to you about this opportunity since reaching these retirees at their present address might be very much difficult for the Bank/us, unless they are in touch with Bank/us/any Iobian.

Regards,

Krishnaraj P

CRS employees to join pension scheme