In continuation of Part 2 published on 3/6/2014:
PENSION ISSUES IN STATE BANK OF INDIA.
50% AS PENSION OF THE LAST DRAWN AVERAGE PAY OF THE LAST 12 MONTHS WITHOUT ANY CEILING.
HOW OUR PENSION IS PROTECTED LEGALLY AT THE RATE OF 50% OF SALARY OF RETIRED EMPLOYEES AT THE TIME OF .
OUR PENSION FUND REGULATIONS ARE WELL PROTECTED LEGALLY AS UNDER——————
1 State Bank of India Act 1955.
2 The Hon’ble Supreme court by the judgement dated 23.02.1989,in the case of Imperial Bank of India PENSIONERS’ Association and others v/s State Bank of India and others.
3 Constitution of India Article .
STATE BANK OF INDIA ACT 1955.
SECTION 7—–Transfer of Service of existing officers and employees of Imperial Bank to State Bank of .India.
Any person who on appointed day,is entitled or in receipt of a pension or bother superannuation or compassionate allowance or benefit from Imperial Bank of India or any provident,pension or other fund or any authority administering such fund shall be entitled to paid by.and to receive from State any provident,pension or other fund or any authority administering such fund the same pension,allowance or benefit was granted and if any question arises whether he has observed such conditions,the question shall be determined Government and the decision of Central Government there on shall be final.
RULE FIXING PENSION AT THE TIME OF FORMATION OF STATE BANK OF INDIA.
iN IMPERIAL b ank of INDIA PENSION WAS CALCULATED AT THE RATE OF ONE- SIXTIETH PART FOR EVERY YEAR’S SERVICE OF AVERAGE MONTHLY SUBSTANTIVE SALARY DURING THE LAST 5 YEARS,AS THE FIXATION OF MAXIMUM PENSION IS CONCERNED,THE CEILING WAS RS 750/RELAXABLE UP TO RS 1000/
iN VIEW OF THE FOREGOING,OUR PENSION IS WELL PROTECTED AT THE RATE OF 50% OF SALARY AT THE TIME OF RETIREMENT UNDER STATE BANK OF INDIA ACT 1955
SUPREME COURT JUDGEMENT DATED 23.02.1989.
THE HON’;BLE Supreme Court by the judgement laid down as per 4 th Central pay COMMISSION WITH SINGLE CEILING OF RS 2400/ AS PENSION IN STATE BANK OF INDIA AGAINST THE BACKGROUND OF MAXIMUM MONTHLY SALARY OF RS 4800/ OF DEPUTY MANAGING DIRECTOR IN STATE BANK OF INDIA AT THAT TIME.
IN VIEW OF THE ABOVE PENSION IS WELL PROTECTED LEGALLY AT THE RATE OF 50 % OF THE SALARY AT THE TIME OF RETIREMENT AS PER SUPREME COURT JUDGEMENT.
CONSTITUTION OF INDIA ARTICLE -14
Equality – Before Law— The State not denied to any person equality before the law or equal protection of laws within the territory of India.HOWEVER THERE IS DISCRIMINATION IN THE SAME CLASS BY CREATING TWO CATEGORIES OF PENSIONERS BY STATE BANK OF INDIA AND BANK SHOULD FOLLOW THE ESTABLISH NORM OF PENSION BEING 50% SALARY LEVEL OF RETIRED EMPLOYEE AT THE TIME OF RETIREMENT”. K.R SAINI