Pension benefits
From Indiapensions
The pension benefits that a pensioner or retiree receives is not just based on the contribution made by the bank or employees but it is also based on certain minimum number of years of service rendered. Accordingly (on the basis of these) , the pension schemes in banks are classified as under:
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Superannuation Pension
It is granted to an employee who has retired after attaining the age of superannuation that is 60 years. However, after 1st September, 2000, this pension has also been allowed to an employee retiring before the age of superannuation but with a minimum of 15 years service.
Premature Retirement Pension
This pension is granted to an employee who retires on account of order of the bank to retire prematurely in public interest.Pension on voluntary Retirement
The qualifying service of an employee retiring voluntarily shall be increased by a period not exceeding 5 years, subject to the condition that the total number years of such qualifying service shall not be more than 33. The condition for retiring voluntarily in case of clerical and subordinate staff of the State Bank Of India is minimum 20 years of confirmed service. While in case of officials, voluntary retirement is subject to a minimum service of 20 years. The maximum service rendered in case of SBI is 30 years.
Invalid Pension
This pension is granted on the basis of bodily or mental infirmity with the submission of a medical certificate. However, if the bank's medical officer declares an employee to be fit for the lower post then if willing the employee can be so employed.
Compassionate Allowance
If the case of dismissal or removal or termination deserves a special consideration, then compassionate allowance is sanctioned on the basis of the qualifying service rendered up to the date of his dismissal or removal or termination.Compulsory Retirement
This is the case where an employee is compulsorily retired from service as a penalty. However, in the State Bank Of India, if an employee is removed or retired by the bank, then minimum of 20 years of service and 50 years of age or 25 years of minimum service irrespective of age limit would qualify for the pension.
The aforementioned classes of pensions are based on the minimum service rendered and accordingly the amount of the pensions received are fixed.
