Punjab And Sind Bank Service Rules

Can you please tell me about the PUNJAB & SIND BANK (Employees’) Pension service rules and Regulations, 1995 so I can have an idea?

[sumit]

These regulations shall apply to employees who

Who were in the service of the bank on or after the 1st day of January, 1986 but had retired before the 1st day of November, 1993; and

Exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and


Refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (B)


Are in the service of the bank before the notified date and continue to be in the service of the Bank on or after the notified date


Pension Fund will consist of the following, namely,

The investment in annuities or securities purchased out of the moneys of the Fund

The additional annual contribution made by the Bank

The contribution by the Bank at the rate of ten percent per month of the pay of the employee

The amount consisting of contributions of the Bank along with interest refunded by the employees who had retired before the notified date


The payment shall be administered for grant of pensioner benefits to the employees of the bank or the family pension to the families of the deceased employees of the Bank.


PUNJAB & SIND BANK (Employees’) Pension service rules and Regulations, 1995