Is a resigned former employee with the minimum of ten years of qualifying service eligible for pension under Regulation 14 of the Indian Bank (Employees') Pension Regulations, 1995?

Paragraph 10The case of the appellant is to be considered under Regulation 14, which denotes qualifying service for grant of pension. Under the Pension Regulations, 1995, an employee who rendered minimum service in the bank is eligible. In the present case, the appellant completed 17 years of qualifying service and therefore he possessed the minimum qualifying service of ten years for availing the benefit of pension scheme of the year 1995. This position has been accepted between the bank and the employees union in 12th Bipartite Settlement dated 08.03.2024 under Clause 37(i)(a), (b) and (c) the conditions are stipulated to join the Pension Scheme. In the present case, the appellant was in service of the bank after 01.01.1986 and resigned from service before 26.04.2010, the cut-off date fixed in the Bipartite Settlement. He is otherwise eligible for pension under Regulation 14 of the Pension Scheme since he had completed 10 years of qualifying service, which is the eligibility criteria contemplated under Regulation 14 of the Scheme.

Paragraph 11A reading of the amendment would also show that it was made in consonance with the Bipartite Settlement. Therefore, there is no impediment for the appellant to join the Pension Scheme. However, conditions (b) and (c) under Clause 37 (1) of the 12th Bipartite Settlement dated 08.03.2024 are to be complied with by the appellant. Accordingly, he must agree to refund to the bank the entire bank’s contribution to Provident Fund (along with accumulated interest thereon) received by him at the time of his resignation or later from the bank and he must execute an undertaking as per the draft provided by the Bank. On complying with those two conditions, the Bank is bound to permit the appellant to join the Pension Scheme of the year 1995 and all benefits contemplated under the Pension Scheme is to be extended to the appellant along with consequential monetary benefits. The respondent bank is directed to permit the appellant to join the Pension Scheme of the year 1995 ie., Indian Bank Employees Pension Regulations 1995 and grant all the pension benefits admissible under the said Regulations by following the procedures as contemplated under the Regulations. The said exercise is directed to be completed within a period of three months from the date of receipt of a copy of this order.