Readers are well aware of the massive damage caused to me as a result of unscrupulous elements hacking my blog tapovan976.org and with this was also lost the hard labour put in by KR Saini, a great veteran on pensioners cause, by way of several of his comments on anomalies in pension issues with a historical perspective in the background. He has since been able to reconstruct some of the comments so damaged and lost by working hard for the purpose with a view to render necessary clarifications on pension issues. One such clarificatory note is reproduced below. This shall help us if the retiree pensioners and the other readers make it possible to let us know their reaction as to how they find these clarifications useful and depending on their replies in the matter we may be able to decide to accelerate release of more such elucidations in days to come.
IN TERMS OF RULE 23(1) OF THE STATE BANK OF INDIA EMPLOYEES’ PENSION FUND RULES,THE PENSION PAYABLE SHALL BE THE AMOUNT CALCULATED AT THE RATE OF ONE-SIXTIETH PART OF EVERY YEAR’S PENSIONABLE SERVICE OF THE AVERAGE MONTHLY SUBSTANTIVE SALARY DRAWN DURING THE LAST TWELVE MONTHS’ PENSIONABLE SERVICE.
DESPITE THIS RULE 23(1) OF S.B.I EMPLOYEES PENSION FUND RULES AND THIS FORMULA IS STATUTORY IN NATURE FROM 1.1.1986,HOWEVER,THIS FORMULA IS DIFFERENT FOR THE 7TH BIPARTITE RETIREES..IN S.B.I PENSION IS TO BE CALCULATED ON THE AVERAGE MONTHLY SUBSTANTIVE SALARY DRAWN DURING THE LAST 12 MONTHS PENSIONABLE SERVICE AND THIS HOLDS TRUE FOR ALL THE PENSIONERS OF S.B.I EXCEPT FOR THE 7TH BIPARTITE RETIREES WHERE FOR THE PURPOSE OF CALCULATION OF PENSION,PAY SCALES AS PER 6TH BIPARTITE SETTLEMENT ARE TAKEN INTO ACCOUNT,BUT THEY WERE DRAWING SALARY IN THE PAY SCALES OF 7TH BIPARTITE SETTLEMENT AT THE TIME OF THEIR RETIREMENT(S)..AS A RESULT OF THIS MAXIMUM BASIC PENSION OF 7TH BIPARTITE IS 24.97% OF THE PAY AT THE TIME OF THEIR RETIREMENT(S).(DEPUTY MANAGING DIRECTOR WHO RETIRED IN THE 7TH BIPARTITE SETTLEMENT WAS DRAWING AVERAGE PAY OF RS 23700/ BUT DRAWING BASIC PENSION ON THE 6TH BIPARTITE SCALES .I.E BASIC PENSION IS AT THE RATE OF 40% OF RS 14800/ COMES TO RS 5920/.IT COMES TO 24.97% OF RS 23700/.)K.R BSAINI