PUNJAB NATIONAL BANK OFFICERS ASSOCIATION HARYANA

(AFFILIATED TO AIPNBOF / AIBOA / HSC) Central Office: FLAT NO. 01, PHONE: 0172- 2551890; GH-25, SECTOR-20, PANCHKULA.

Website: www.pnboahry.com

E-mail: info@pnboahry.com

Mobile: 9216566990

Appendix 1 Schedule of Benefits Contingency on the Happening Gratuity Benefits of which benefits become payable Upon normal Retirement of the A employee at 01 after age 57 For Officers: At the rate of one months basic pay last drawn by him for each completed year of service subject to a maximum of 15 months basic pay. If an officer has put in service for over 30 years, an additional amount at the rate of half-months basic pay last drawn by him for each completed year of service beyond 30 years shall also become payable. The basic pay will not include allowance of any kind bonus or other remuneration or any perquisites. For workmen: At the rate of one months pay for each completed year of service, subject to a maximum of 15 months pay. If a workman has put in service for over 30 years an extra amount at the rate of additional half a months pay for each completed year of service beyond 30 years shall also become payable. B Employees to whom provision of Payment of Gratuity Act, 1972 or any other Act, on the subject applies, shall get gratuity either at the rate mentioned above for officers or workmen as the case may be or at the rates determined under the said Act, whichever is more beneficial for the employee. Upon death of the employee Same rates as given in No. 1 whilst in service of the Bank

S. No. 1.

2.

3.

4.

(a) (b)

On voluntary retirement or resignation of an employee NIL before 10 years continuous service On dismissal on account of Same rates as given in No. 1 above subject misconduct to deduction of the financial loss therefrom which the Bank may incur due to misconduct of an employee. On Voluntary retirement or Same rates as given in No. 1 above resignation of an employee after 10 years continuous service On an employee becoming Same rates as given in No. 1 above physically or mentally incapable of further service On termination of an employees Same rates as given in No. 1 above service by the bank

Pay for the purpose of calculating the amount of gratuity shall be the average of the Basic Pay, Special Pay, Graduation Pay, Professional Qualification Pay, Officiating Pay and increment Component of Fixed Personal Pay payable during twelve months next preceding death, disability, retirement, resignation or termination of service as the case may be. Personal Qualification Pay and increment component of Fixed Personal Pay shall be reckoned for computation of wages for the purpose of calculating gratuity payable to officers under the Payment of Gratuity Act, 1972.

CHAPTER VI

RATE OF PENSION
35. Amount of Pension 1) 2) Basic pension and additional pension, wherever applicable, shall be updated as per the formulae given in Appendix-I. In the case of an employee retiring in accordance with the provisions of the Service Regulations or Settlement after completing a qualifying service of not less than thirty three years the amount of basic pension shall be calculated at fifty percent of the average emoluments. a) Additional pension shall be fifty percent of the average amount of the allowances drawn by an employee during the last ten months of his service; b) No dearness relief shall be paid on the amount of additional pension. Explanation:- For the purpose of this sub-regulation allowances means allowances which are admissible to the extent counted for making contributions to the Provident Fund. 4) 5) 6) a) In the case of an employee retiring before completing a qualifying service of thirty three years, but after completing a qualifying service of ten years, the amount of pension shall be proportionate to the amount of pension admissible under sub-regulations (2) and (3) and in no case the amount of pension shall be less than the amount of minimum pension specified in these regulations. b) notwithstanding any thing contained in these regulations, the amount of invalid pension shall not be less than the ordinary rate of family pension which would have been payable to his family in the event of his death while in service. 7) The amount of pension finally determined under this regulation shall be expressed in whole rupee and where the pension contains a fraction of a rupee, it shall be rounded off to the next higher rupee. Minimum pension Pension as computed being aggregate of sub-regulations (2) and (3) above shall be subject to the minimum pension as specified in these regulations. An employee who has commuted the admissible portion of his pension as per the provisions of regulation 41 of these regulations shall receive only the balance of pension, monthly.

3)

36.

The amount of minimum pension shall be;a) Rupees three hundred and seventy five per month in respect of an employee other than a part-time employee where the employee had retired before the last day of November, 1992 (in case of workmen) or before 1st day of July, 1993 (in case of officers) and proportionate amount thereof in relation to the rate of scale of wages in the case of a part-time employee who had retired before the 1st day of November, 1992; b) Rupees seven hundred and twenty per month in respect of an employee other than a part time employee, where the employee retired on or after the 1st day of November, 1992 (in case of workmen) or on or after the 1st day of July, 1993 (in case of officers) and proportionate amount thereof in relation to the rate of scale of wages in the case of a part-time employee who retired on or after the 1st day of November, 1992; c) Rupees one thousand and fifteen per month in respect of an employee other than part-time employee where the employee retired on or after the 1st of April, 1998 and rupees three hundred and thirty nine per month in respect of a parttime employee drawing 1/3 scale wages, rupees five hundred and eighty per month in respect of a part-time employee drawing scale wages and rupees seven hundred and sixty two per month in respect of a part time employee drawing scale wages where the part time employee retired on or after the 1st day of April, 1998. 37. 1) Dearness Relief Dearness relief shall be granted on basic pension or family pension or invalid pension or on compassionate allowance in accordance with the rates specified in Appendix II. Dearness relief shall be allowed on full basic pension even after commutation. Determination of the period of ten months for average emoluments The period of the preceding ten months for the purpose of average emoluments shall be reckoned from the date of retirement. In the case of voluntary retirement or premature retirement, the period of the preceding ten months for the purpose of average emoluments shall be reckoned from the date of which the employee voluntarily retires or is premature retired by the Bank. In the case of dismissal or removal or compulsory retirement or termination of service the period of the preceding ten months for the purpose of average

2) 38. 1) 2)

3)

emoluments shall be reckoned from the date of which the employee is dismissed or removed or compulsorily retired or terminated by the Bank 4) If during the last ten months of the service an employee had been absent from duty on extraordinary leave on loss of pay or had been under suspension and the period whereof does not count as service, the aforesaid period of extraordinary leave or suspension shall not be taken into account in the calculation of the average emoluments and an equal period before the ten months shall be included.