Sbi - pension scheme - whether eligible
Mahesh Damani
(Querist) 29 January 2012
This query is : Resolved
Respected Sir,
I feel fortunate being a member of LAWYERSCLUB of India.
I joined State Bank of India on 01.10.1982
Retired under Voluntary Retirement Scheme 31.03.2001
1. I was only paid Ex-gratia salary for the remaining years of service.+ Gratuity + Provident Fund Balance. (Pension scheme was already applicable to all employees in Original SBI)
2. My total service was 18 Yrs 6 Months.
3. In Original SBI, benefit of pension scheme was already a part of superannuation benefits. It was implied for me that I would have complete 20 years of service then only would eligible for getting pension. For me, Minimum pension (10/15 years) was not a concept in me to enquire about.
4. At the time of VRS (31.03.2001)my age was exactly 40 yrs 4 monts 12 days.
Upon getting positive replies from learned members of Lawyerclub I searched for the judgement and found that:-
(1) An employee is only entitled to get pension if he completes 20 years of pensionable service.
(2) 10 years amendment is only applicable to those employees who retires at superannuation age (55/58) completing atleast 10 years of service.
Any learned person would like to give assurance about my pension ?
mvdamani@gmail.com09426834698
Raj Kumar Makkad
(Expert) 30 January 2012
You are very well entitled for the minimum commuted pension. whether you are already been granted the same or not, has not been disclosed by you and even what transpired between you and management is still unknown to us so how can you get the exact reply without putting entire factual position of your case?
V R SHROFF
(Expert) 30 January 2012
you may be member of Pension Scheme.
A Leading Nationalized Bank cannot do injustice to only one of it's employee. Talk with Personnel Dept, they will explain you.
You must have en cashed it with your Pf, or purchased LIC Pen scheme, applicable at your certain age.
You will get, what u deserve. SBI will not act illegally.
Mahesh Damani
(Querist) 30 January 2012
Quick responses from Mr.Rajkumar Makkad & Mr.V.R.Shroff are not even appreciated but I am personally grateful to both of them. YOU HAVE CREATED A HOPE IN ME. MAY GOD BLESS YOU!
I would like to add that:-
1. I was only paid Ex-gratia salary for the remaining years of service.+ Gratuity + Provident Fund Balance.
2. My total service was 18 Yrs 6 Months.
3. In Original SBI, benefit of pension scheme was already a part of superannuation benefits. It was implied for me that I would have complete 20 years of service then only would eligible for getting pension. For me, Minimum pension (10 years) was not a concept in me to enquire about.
4. At the time of VRS (31.03.2001)my age was exactly 40 yrs 4 monts 12 days.
You guidance will help a struggling family. mvdamani@gmail.com
RAJU O.F.,
(Expert) 03 February 2012
If you had opted for PF and pension and if you had withdrawn both your contribution and bank's contribution of PF while receiving your VRS benefits, then you may not be eligible for pension. However, there are some provisions whereby you can refund the bank's contribution of the PF, so as to enlist to the pension scheme, if allowed by the bank management. Please enquire with your 'retired staff association' for particulars of such scheme. It may not be wise, if the refund amount is huge and if you had already spent or invested that money.
RAJU O.F.,
(Expert) 03 February 2012
Please read 'PF and not pension' in the first line of the above comment.
