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Home India Bank of Baroda Gazette In exercise of the powers conferred...
REGULATORY POLICY EXTRA ORDINARY

In exercise of the powers conferred by clause f of sub section 2 of section 19 of the Banking Companies

Date: 11th July 2024
Category: Extra Ordinary
Issued by Bank of Baroda
New Delhi

Read or download the official PDF of this gazette notification issued by the Bank of Baroda on 11th July 2024. Classified under Extra Ordinary.

Official Gazette Notification Text

Official Transcript

रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-11072024-255350 xxxGIDHxxx CG-MH-E-11072024-255350 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 508] नई कदल्ली, बहृ स्ट्प जतवार, ि लाई 11, 2024/आषाढ 20, 1946 No. 508] NEW DELHI, THURSDAY, JULY 11, 2024/ASHADHA 20, 1946 बकैं ऑफ़ बड़ौदा (मानव ससं ाधन प्रबधं न...

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  • This gazette notification announces amendments to the Bank of Baroda (Employees’) Pension Regulations, 1995. These amendments revise pension calculations, family pension eligibility criteria, and dearness relief provisions, largely with retrospective effect from various dates (November 1, 2017 being a key date). The amendments are based on agreements between the Bank of Baroda, the Indian Banks’ Association, and employee unions.
  • Inclusion of a proviso in Regulation 2, excluding special allowance introduced from November 1, 2012, from pension calculations but providing for notional eligibility for revised stagnation increments from November 1, 2017 (monetary benefit from November 1, 2020 or actual entitlement date).
  • Amendment to Regulation 22 to ensure that permanent full-time or part-time employees who are removed from service do not forfeit past service and are eligible for pensionary benefits.
  • Addition of clause (g) to Regulation 36, specifying new monthly pension amounts for part-time and full-time employees retiring on or after November 1, 2017, based on their scale of wages.
  • Revision of Regulation 40, changing the family pension eligibility criteria based on the income of sons/daughters or parents (income exceeding ₹12,000 per month will discontinue the pension). New amounts for pensions are also specified for those who retired or died on or after November 1, 2017, but these amounts are superseded from April 1, 2021.

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