Wednesday, April 23, 2014

BENEFITS ON RETIREMENT


  • Provident Fund: 
As per their statement, along with voluntary contribution of PF made by them. 

The retiree may retain all or a part of his/her provident fund with the Bank for a period of 3 years from the date o retirement, by submitting the application to the trustees, before retirement.  


  •     Gratuity:
a. As per Gratuity Act:
Half a month of last Salary drawn for each completed year of service.  
Salary means BP +DA +SA+PQP+FPP+DA on FPP.
Service of  6 months and above is  reckoned as one year.
26 days is construed as a month.
Last salary drawn/26 X 15 X No.of years of service.
Maximum of Rs.10 lacs.

b.     As per Bipartite Settlement:
One month pay for each completed year of service with a maximum of 15 years, AND half a month pay for every year of service beyond 30 years, with a maximum of 33 years of service.
PAY means average of last 12 months of Basic Pay and such other allowances ranking for PF & Incremental portion of FPP.
NO MAXIMUM PRESCRIBED.
GRATUITY PAYABLE IS HIGHER OF (a) AND (b) ABOVE.  Gratuity upto Rs.10 lacs is exempt from Income Tax.
             Gratuity cannot be forefeited under any circumstances except in case of dismissal  where Bank has incurred loss due to misconduct of the employee.            
          

 Pension
50% of average of 10 months emoluments, i.e. Basic Pay + DA + Spl. Alln.ranking for PF + PQP + Incremental portion of FPP & DA thereon.
Commutation: A pensioner may surrender upto maximum of 1/3rd of the pension by way of commutation and receive in lieu thereof lumpsum determined in accordance with his/her age at next birthday.
Example:  1/3rd of Basic pension X 12 X factor at next birthday, as under:
Age at Next Birthday
Commutation Factor
Age at Next Birthday
Commutation Factor
Age at Next Birthday
Commutation Factor
50
13.25
51
12.95
52
12.66
53
12.35
54
12.05
55
11.73
56
11.42
57
11.1
58
10.78
59
10.46
60
10.13
61
9.81
62
9.48
63
9.15
64
8.82
            
Commuted portion of pension will be restored after a period of 15 years from the date of commutation.
Pensioners can have joint account with his/her spouse, under scheme code 121.  If there existing account is in scheme code 111, can get the same changed at their respective branches, to get the additional features of
(i)                Free Personal Accident Insurance Cover of Rs.5.00 lacs (ii) discounted health check up.


FAMILY PENSION:
Upto Rs.2870                      -  30% of pay minimum Rs.720 per month
From Rs.2871 to Rs.5740            -  20% of pay minimum Rs.860 per month
Above Rs.5740                   -  15% of pay min.Rs.1150 & Max. Rs.2400 p.m.

In the event of death of an employee after retirement, before attaining the age of 65 years, family pension is payable at twice the ordinary rate of family pension or at 50% of pay last drawn by the employee at the time of retirement, whichever is less.  The maximum period for which higher family pension will be payable is 7 years or till the deceased employee would have attained the age of 65 years, if it occurs earlier.
  
Encashment of Privilege Leave

An employee on retirement can encash the privilege leave to his/her credit upto the date of retirement, upto a maximum of 240 days.

 PL  encashment in excess of Rs.3 lacs is taxable

AGE OF RETIREMENT


AGE OF RETIREMENT

After a workman has reached the age of 57 years, he/she may be retired after giving him/her 2 months notice in writing in case the efficiency of the employee is found to have been impaired.  Subject to this rules and subject to any rule under the existing pension fund, a workman shall not be compelled to retire before he/she is 60 years old nor will it be necessary to give workman a letter extending his service till he is 60 years old.
The Management has to provide beyond doubt that the efficiency of a workman is impaired, if it wants to enforce the provision of retiring him at the age of 57 years.  Otherwise it will tantamount as colourable exercise of provision and vindictive and liable to be set aside by an Industrial Tribunal or Court.

HOLIDAY HOME FACILITY TO RETIREES


HOLIDAY HOME FACILITY TO RETIREES

  Retired employees/Ex-staff are eligible to stay in the Bank’s Holiday Home,during the period Holiday Homes are not occupied/applied for by the existing staff members.   

   This facility, until recently, was not available to ex-staff at New Delhi,  Bangalore & Mysore.  Recently HO has revoked its decision and has permitted to allow the Holiday Home facility at Bangalore and Mysore also.

LIST OF HOLIDAY HOMES: 

PLACE
ADDRESS
ALLOTTING AUTHORITY
CONTACT NUMBERS
ACHARE
Zing n Swing Rural Resort, Achare-Bunder Road, Via Kankavali, Off Mumbai-Goa Highway,
At & Post ACHARE-466614, Malvan Taluka, Sindhudurg Dist, Maharashtra
The Zonal Manager
Rathnagiri Zone
ZO: 02352-221755, 222615, 222616
AGRA
Hotel Ashish Place, Tourist Complex Area, Fatehabad Road,
Agra-282001
The Zonal Manager, Agra Zone
Hotel: 0562-2230032
Fax: 0562-2330404
Agra ZO: 0562-2521324,
Fax: 0562-2152536
ALIBAG
(Near Mumbai)
Hotel Sahyadri, Near Sarkhel Kanoji Angre Nagar, Veshvi,
Alibag, Raigad-402209
The Zonal Manager
Mumbai South Zone
Hotel: 02141-226404
Fax: 02141-226415
MSZO: 022-22623653
Fax: 022-22612912
AMRITSAR
Hotel Royal Castle, 309, Albert Road, Near Railway Station, Amritsar
The Zonal Manager,
Ludhiana Zone
Hotel: 0183-225562/64
Fax: 0183-5005024
ZO: 0161-2408163
Fax: 2408161
BANGALORE
Shri Adia Residency, No.32, I Main Road, Gandhinagar, Bangalore-560 009
The Zonal Manager,
Karnataka Zone
Hotel: 080-40434043
KZO: 080-222959410
Fax: 080-22959425
        080-2289054
BHUBANESHWAR
Tourist Gest House, Plot No.1, Ashok Nagar,
Unit II,
Bhubaneshwar-751009
The Zonal Manager
Bhubaneshwar Zone
ZO: 0674-2531765
CHENNAI
Hotel Royal Regency,  No.26 & 27, Poonamallee High Road
Chennai-600 003
The Zonal Manager
Chennai  Zone
ZO:  044-66777504
Fax: 044-66777505
        044-66777515
DALHOUSIE
Hotel Super Star, Subhash Chowk, Dalhousie
The Z
ZO: 0161-2408163
Fax: 2408161
DAMAN
Hotel Princess Park, Devika Beach,
Nani Daman-396210

The Zonal Manager
Ahmedabad Zone
ZO: 079-25351461
Fax: 079-25353463

DARJEELING
Hotel Dewachen, Chandra Niwas, Below Forest Office, Hill Cart Road, Darjeeling-734101

The Zonal Manager
Siliguri Zone
ZO: 0353-2641098
       0353-2641718
Fax: 0353-2642985
DARJEELING
Hotel Pradhan, Pradhan Niwas, Near Hotel Oberoi, 57, Gandhi Niwas, Darjeeling
The Zonal Manager
Patna Zone
Hotel: 0354-252103
ZO: 0612-2234510
Fax: 0612-2223178
DIGHA
Hotel Gitanjali,
New Digha Town,
Digha Dist.,
East Midnapore, WB

The Zonal Manager
Kolkatta Zone
Hotel: 03220-266547
ZO: 033-22210292
Fax: 033-22481969
GANGTOK
Hotel Hill View,
M.G.Road,
Gantok (Sikkim)
The Zonal Manager,
Patna Zone
Hotel: 03592-223545
ZO: 0612-2234510
Fax: 0612-2223178
GOA
Hotel Succegado
Behind Municipal Market
Panaji-403001
The Zonal Manager,
Goa Zone
Hotel: 0832-2426081
            0832-5622334
ZO: 0832-2242561
Fax: 0832-2230505
GOA
Hotel Indira Niwas
General Costa Alvares
Road, Near Municipal Market, Panaji-403001
The Zonal Manager
Pune Zone
Hotel: 0832-223753
ZO: 020-5535401/08
Fax: 020-5533200
GOA
Hotel Indira Niwas
General Costa Alvares
Road, Near Municipal Market, Panaji-403001
The Zonal Welfare Committee,
Mumbai Main Branch
Hotel: 0832-223753
Br: 022-22623653
Fax: 022-22612912
GURUVAYUR
Narayaneeyam,
XIII/1198, Mullathata Temple Road
West Nada
GURUVAYUR
The Zonal Manager
Kerala Zone
Hotel: 0484-2331828,
                      2349686
ZO: 0484-2331828
 Fax:0484-2349686
HARIDWAR
Hotel Ganges Rivera
Delhi Bye Pass Road
Opp: Ganga River
Haridwar-249 408
The Zonal Manager
Ghaziabad Zone
Hotel: 01334-240940/1
Fax: 01334-240942
ZO: 0120-2404137
Fax: 0120-2403782
HYDERABAD
Hotel Sitara Residency,
Adj.to Chandna Bros.
Main Road, Amirpet
Hyderabad
The Zonal Manager
Hydrabad Zone
Hotel: 040-23735222/333
ZO: 040-23314721
Fax: 040-23315173
JAIPUR
Hotel Kalyan,
59, Hathroi Fort,
Harikishan Somani Marg, Ajmer Road
Jaipur-302 001
The Zonal Manager,
Rajasthan Zone
Hotel: 0141-2362940
0141-2368455/202/355
ZO: 0141-2658027
0141-2658034/36
Fax: 0141-2656223
JAMMU
Hotel Swagat
Gurudwara Sunder Singh Road, Near Aggarwal, Dharmasala, Jammu
The Zonal Manager
Ludhiana Zone
Hotel: 0191-2540168
Mob: 09419127100
ZO: 0161-2408163
Fax: 0161-2408161
        0161-2410648
KANYAKUMARI
Vivekanand Kendra
Vivekanandapuram
KANYAKUMARI-629 702
The Manager
Nagercoil Branch
Hotel: 04652-246261, 246250, 246232
Br: 04652-227750, 278650
KATRA
Hotel Asia Vashno Devi
Katra-182301

The Zonal Manager
Ludhiana Zone
Hotel: 01899-242181
ZO:0161-2408163
KODAIKANAL
C.V.N.Cottage,
Fern Hill Road, Opp: to Hotel Tamil Nadu, Near Valliappan Theatre, Kodaikanal-624 101
The Branch Manager
Kodaikanal Branch
Hotel: 04542-241497, 241498 & 243512
Branch: 04542-244475
KIBAVAKA
Seasons Motels P.Ltd.
Plot No.3, Shankar Nagar, Tungrali
Lonavala-410 403
The Zonal Manager
Mumbai South Zone
Hotel: 02114-272747 & 275761
ZO: 022-22623653, 22703543/4, 22674857
MAHABALESHWAR
Bharat Hotel
Tapola Road, Near New Lake
Mahabaleshwar-412806
The Zonal Manager
Pune Zone
AND
Kolhapur Zone
Hotel: 02168-260233
Fax: 02168-260710
Pune ZO:020-5535401
Kol.ZO: 0231-2536591
MAHABALESHWAR
Hotel Rahi,
Opp: S.T.Stand,
Mahabaleshwar
The Zonal Welfare Committee,
Mumbai Main Branch
Br: 022-22623653
Fax: 022-22612912
MANALI
Manali Co.Op.Housing Society Ltd., Chicoga Estate, Chichoga Village, Manali-175 131
The Zonal Manager
Chandigarh Zone
Hotel: 0190-252471
ZO: 0172-2703212-15
Fax: 0172-2704350
MATHERAN
Bank of India Holiay Home, Delli Bunglow, Shariot Lake Lane, Behind West End Hotel, Near Police Station, Acharya Atre Marg
MATHERAN-410 102
The Zonal Manager
Mumbai South Zone
ZO: 022-22623653, 22703543/4, 22674857
MOUNT ABU
Hotel Hill Top,
Near Old Barrier
Mount Abu-307 501
The Zonal Manager
Rajasthan Zone
Jaipur
ZO: 0141-2658027
0141-2658034/36
Fax: 0141-2656223
MOUNT ABU
Hotel Sudhir
Near Old Bus Stand, Rajendra Marg
Mount Abu-307501

The Zonal Manager
Ahmedabad Zone
Hotel: 02974-235311
Fax: 02974-238259
ZO:079-25351461
Fax: 079-25353463
MUNNAR
Chancellor Resorts
Bungalow No.97H(1), Chinnkanal PO
Munnar-686 618

The Zonal Manager
Kerala Zone
Hotel: 0486-849318-20
Fax: 0486-849218
ZO: 0484-2349686
Fax: 0484-2349720
MUSSORIE
London House, (Hotel Pradhan), Near Picture Palace, The Mall,
Mussorie
Staff Welfare Secretary
Connaught Circus Branch
Hotel: 0135-2631183,
            0135-2632483

MYSORE
Shri Guru Residency
No.10, Jhansi Laxmi Bai Cross Road,
Mysore-570 001

The Chief Manager
Mysore Branch
Hotel: 0821-2424600, 2424666, 224300, 2424400
Br: 0821-2442833
 2431517-Fax:2443913
NAINITAL
Bank of India Holiday Home, Hgardignlay Cottage, Above India Hotel, Near Hydel Guest House, NAINITAL
The Zonal Manager,
Lucknow Zoe
Hotel: 05942-237824
ZO: 0522-2721492, 
       0522-2721503
Fax: 0522-2721511
NAINIITAL
Hotel Lakeview
Tallital,
NAINITAL
Staff Welfare Secretary
Connaught Circus Branch
Hotel: 05942-236489
Fax: 05942-235632

NEW DELHI
Hotel Kashish
Behind Imperial Cineman, Chuna Mandi, Paharganj
DELHI
The Zonal Manager,
New Delhi Zone
Hotel: 011-41000358
ZO: 011-28844091
Fax: 011-23718085
NEW DELHI
Bank of India Holiday Home, M/s.Hotel Alfa Continental, 1335, Sangatrashan, Paharganj, Behind Dispensary bus Stop
NEW DELHI-110 055
The Zonal Manager
Ranchi Zone
ZO: 0651-220837
                  2202150
OOTACAMUND
(OOTY)
Mhalaxmi, Bombay Castle, Above ATC Theatre,
Ootacamund-643 001
The Sr.Branch Manager
Coonoor Branch
Hotel: 04868-249318, 249318, Fax: 249218
Br: 0423-2230472
Fax: 0423-2231971
PACHMARHI
Hotel Kachnar,
Arvind Marg,
PACHMARHI-461881
The Zonal Manager
Bhopal Zone
Hotel: 07578-252233, fax: 252077
ZO: 0755-2554404, 05
Fax:0755-2553779
PUNE
Hotel Surahanda Executive, No.207, Narayan Peth, Kelkar Road, Near LIC Building
PUNE-411 030
The Zonal Manager
Pune Zonal office
Hotel: 020-24433943
Fax: 020-24433945
ZO: 020-25535766
Fax: 020-25535200
PURI
Hotel Sakuntla Place
Gopal Ballabh Road,
Sea Beach
PURI-752 002

The Zonal manager
Bhubaneshwar Zone
Hotel: 06752-233378
            06752-233379
ZO: 0674-2404123
Fax: 0674-2401291
PURI
Hotel Asia Inn,
Beach Resord, Balla Panda, Swarg Dwar,
PURI-752 002
The Zonal Manager
Kolkata Zone
Hotel: 06752-231307
ZO: 033-22210292
Fax: 033-22481969
SANTINIKETAN
Hotel Royal Bengal P Ltd., Bhuwandanga, Dakbunglow, West Bolpur
Dist.Birbhum-731 204
The Zonal Manager,
Kolkata Zone
Hotel: 03463-257148
Fax: 03463-257448
ZO: 033-22210292
Fax: 033-22481969
SAPUTARA
Star Holiday Home
JainMandir Road
SAPUTARA
The Zonal Manager
Ahmedabad Zone
ZO:079-25351461
Fax: 079-25353463
SIMLA
Hotel Tara
Near High Court
SIMLA
The Zonal Manager
Chandigarh Zone
Hotel: 0177-3298825
            0177-2623681
ZO: 0172-2703212-15
Fax: 0172-2704350
TIRUPATI
Hotel Bhima’s Paradise No.33-37, Renigunta Road
Tirupati-517 501
The Manager
Tirupati Branch
Hotel: 0877-2237271,76
Br: 0877-220824
Fax: 0877-2220398
TIRUPATI
Hotel Bhima’s Paradise No.33-37, Renigunta Road
Tirupati-517 501
The Zonal Manager
Hyderabad Zone
ZO:040-23314721,723
Fax: 040-23315173
UDAIPUR
Hotel Meera,
6, Meera Marg
Udaipur-313 001
The Zonal Manager
Rajasthan Zone
Hotel: 0294-2527554
ZO: 0141-2658027
0141-2658034/36
Fax: 0141-2656223
SRINATHJI
Hotel Shagun,
Opp: Sunder Villas, Mandir Marg
Srinathji (Rajasthan)
The Zonal Manager,
Ahmedabad Zone
ZO:079-25351461
Fax: 079-25353463
SHIRDI
Hotel Pilgrims Inn,
Shirdi MTDC Ltd.,
Shirdi-423 109
The Zonal Manager
Mumbai North Zone
Hotel: 02423-255194 to
                        255197
ZO: 022-28827771
               28825771
Fax: 022-28825878
UJJAIN
Hotel Prem Place
Teen Batti Chauraha
UJJAIN-456 010
The Zonal Manager
Ujjain Zone
Hotel: 0734-2552070
ZO: 0734-2510466, 2510366, 2514459
Fax: 0734-2515793
VISHAKAPATNAM
Hotel Talasila Intl.,
Station Road
Opp: D.R.M.Office
Dondaparti,
Vishakapatnam-500016
The Zonal Manager
Vishakapatnam Zone