NABARD pensions
From Indiapensions
The pension scheme in National Bank for Agriculture and Rural Development was introduced in 1993. The scheme came into force on 1st November, 1993 under Section 60 (1 (j)) of the National Bank for Agriculture and Rural Development Act, 1981.
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Eligibility
Three classes of employees are eligible to receive pension under the scheme;
- Employees joining the bank on or after 1st November, 1993
- Employees serving in banks as on 31st October, 1993.
- Employees who were in service as on 1st January 1986 and had retired before 1st November, 1993.These employees could opt to join the pension scheme by paying back the bank's contribution to PF along with the interest received from the bank, together with a simple interest at the rate of 6% per annum. The interest has to be paid for the period between the date of withdrawal of the provident fund amount and the date of refund.
Operational framework
Benefits
Monthly pension
A member has to render a minimum of ten years of service in order to qualify for monthly pension. The qualifying service of an employee commences the day he takes the charge of his post on a permanent basis. Qualifying service of an employee also include the following;
- The service on training or probation immediately prior to the appointment in the bank.
- Broken period of service provided it is less than six months.
- The period on leave for which salary is payable.
- The period of suspension of an employee is counted as qualifying service provided the suspension is proved unjustified.
The full rate of pension is payable to an employee who renders thirty three years of qualifying service. If the number of years of service is less than thirty three years, then pension payable is calculated in proportion to the number of years of qualifying service.
The rate of basic pension is fifty percent of monthly emoluments for a full time employee. For a part time employee the rate of basic pension is in a certain proportion to the rate of wages.
Family Pension
n the case of death of the employee, the survivor of the deceased is granted a family pension. Family pension is granted to the dependents or survivors of an employee if he dies after completion of one year of continuous service. If the employee dies before completion of one year of continuous service, family pension benefits are paid to the survivors provided that the deceased employee was declared fit by the bank immediately prior to his appointment. Family pension is also payable to the dependents of an employee who had retired and was receiving pension or a compassionate allowance on the date of death.
The family pension is not payable to more than one member of the family at the same time. In case the deceased employee is survived by a widow / widower, the family pension would be granted to her / him failing which it is granted to the eligible child.
The eligible child would receive the family pension till the time he or she attains the age of twenty five years or start earning or get married (in case of daughter) whichever is earlier. If the child is a minor then the family pension would be received by his or her legal guardian till the time he or she has attained majority. If the child is handicapped he receives the family pension throughout his life provided that he is incapable of earning his livelihood.Family pension is granted on the basis of age of the children.
Commutation
An employee can commute up to two-fifth of his pension. Commuted portion of the pension is restored after a period of fifteen years from the date of commutation. If the commutation is sought after one year of the retirement, it will be granted only after medical examination by the National Bank's Medical Officer.Forfeiture of pension
The cases of dismissal, termination or resignation by an employee from the service would disentitle him from the past service and hence from any pension benefit or payment.
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