ALL INDIA BANK EMPLOYEES' ASSOCIATION

Central Office: “PRABHAT NIVAS” Regn. No. 2037

Singapore Plaza, 164, Linghi Chetty Street, Chennai-600 001
Phone: 2535 1522 Web: www.aibea.in
e mail : chv.aibea@gmail.com & aibeahq@gmail.com

CIRCULAR NO. 29/052/2023/ 76 11-11-2023

TO ALL UNIONS Corrected circular
Dear Comrades,
Opportunity for resignees to opt for pension scheme
UFBU’s MoU with IBA dt. 9-11-2023
After the issuance of the Circular on the MoU signed between UFBU and IBA, while
many of the beneficiaries are contacting us and expressing their thankfulness for
getting them an opportunity to opt for pension scheme, (this is not available in
Central/State Govt., RBI, LIC, GIC, etc) there are also few queries received from some
of the resignees. While the MoU is subject to approval by the Government and details
of the scheme will be informed accordingly, the following general information would be
of use to the resignees.

Even though under Pension Regulations resignees are not eligible for
Aim
pension, on humanitarian grounds, an opportunity to be given to
them to opt for pension .
Employees and officers who were in service of the Banks on or after
1-1-1986 and had joined the Banks before 1-4-2010 and who have
Who is eligible resigned from the service of the Bank on or before 26-4-2010 and
who were otherwise eligible to join the pension scheme while in
service
and (in case of death after resignation) their surviving spouse or
eligible family member (they will get family pension)
Eligibility as in 20 years service and above at the time of resignation
Pension Regulations
They will be given an option to join the Pension Scheme within 90
When to apply
days of announcement of such option by the Bank ( after Bank issues
the Circular after approval by Govt.)
Amount to be paid to They should agree to refund to the Bank the entire Bank’s
contribution to Provident Fund (along with accumulated interest
the Bank
thereon) received by them at the time of their resignation from the
Bank. (No additional interest thereon)
50% of Pay if completed 33 years service at the time of resignation.
Pension payable as
Other cases (20 to 32 years) : 50% of Pay x service / 33.
per Pension
Pension/Family pension payable prospectively.
Regulation
No facility of commutation
Court cases, if any, by
resignees/Associations To be withdrawn

With greetings,
Yours Comradely,

C.H. VENKATACHALAM
GENERAL SECRETARY