The voluntary retirement provided in the Officers Service Rules should be incorporated in the Pension rules and they should also be made eligible for Pension without any discrimination. Pension scheme should be extended to all those who have been denied earlier on the basis of the misinterpretation of the understandings reached with IBA in 50 particular those who retired under voluntary retirement scheme as per the service regulations / resigned after completing 20 years. (Full Pension Eligibility Period to be made 20 years.:: The full pension eligibility period in Central Government and RBI / NABARD are now revised to 20 years. However in Banks , full pension eligibility period continues to be 33 years. Hence the relevant clauses in Pension Regulations to be amended to make full pension eligibility period to be 20 years.)
Pension should be revised for retirees in all Banks including SBI alongwith wage revision as done for retirees from central government. The officers who joined the bank between 01.11.1993 and 26.01.1996 have to be covered under the pension regulations. Provision of additional service as per the Pension Regulations to the extent of 5 years should be extended to each and every retirees in the banking industry.
Those having relaxation of age at the time of recruitment on account of disability etc., also to be extended additional period of 5 years to his / her service qualifying for pension. Also, for Ex-servicemen their past services rendered in the Armed Force should be added to his / her service for qualifying for pension. (Counting of Military Service Period of Short Service Commissioned Officer joining the Bank :
Short Service Commissioned Officer are not drawing any pension for their services rendered in Military. They are paid gratuity at the time of release from Military. Such Officers when they join Central Government and Organisations like RBI/ NABARD are given the option to remit the gratuity received by them to the Employer Bank / Organisation at the time of joining so that the period of service rendered in Military is counted towards eligibility of pension in Bank. However this provision is not available to Short Service Commissioned Officers joining Public Sector Banks.
Hence we demand that Short Service Commissioned Officers joining PSB may be allowed to remit the gratuity received by them at the time of release from Military so that their period of service in Military is counted towards eligibility period for pension in PSBS. For existing Short Service Commissioned Officers who are already in the service of the PSBs, may be given a one time option to return the gratuity received at the time of release with simple interest @ 6 % from the date of receipt of gratuity till date payment to the Bank for availing inclusion of Military Service Period toward pension eligibility.)