- 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.
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
Hi Varada!
ReplyDeleteKudos! You have always been my "go to" person as far as any information regarding banking as well as benefits and obligations are concerned. The information provided here for the retired BOI staff is quite exhaustive and comprehensive. Keep up the good work!
when family required money after employee death pention became very less this is not good it should be revised
ReplyDeletewhen family required money after employee death pention became very less this is not good it should be revised
ReplyDelete