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BANKING & NBFCS EXTRA ORDINARY

In exercise of the powers conferred by clause f of sub section 2 of section 19 of the Banking Companies Acquisition and Transfer of Undertakings Act

Date: 2nd July 2024
Category: Extra Ordinary
New Delhi

Read or download the official PDF of this gazette notification issued by the Central Bank of India on 2nd July 2024. Classified under Extra Ordinary.

Official Gazette Notification Text

Official Transcript

रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 ससीी..जजीी..--एएमम..एएचच..--अअ..--0021007722002244--225555005577 xxxGIDHxxx CCGG--MMHH--EE--0012007722002244--225555005577 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 452] नई कदल्ली, िुक्रवार, िनू 28, 2024/आर्ाढ 7, 1946 No. 452] NEW DELHI, FRIDAY, JUNE 28, 2024/ASHADHA...

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  • This gazette notification announces amendments to the Central Bank of India (Employees’) Pension Regulations, 1995. These amendments revise pension and dearness relief calculations, family pension eligibility criteria, and provisions related to part-time employees.
  • The amendments, some with retrospective effect from November 1, 2017, were made after consultation with the Reserve Bank of India and with the prior approval of the Central Government.
  • Revisions to pension calculations: Changes to how dearness relief is calculated based on the All India Average Consumer Price Index for Industrial Workers, with different rates applied depending on the retirement date (May 1, 2005, November 1, 2007, November 1, 2012, and November 1, 2017).
  • Family pension eligibility changes: Family pension for sons/daughters and parents will be discontinued if their income exceeds ₹12,000 per month from employment or self-employment.
  • New provisions for part-time employees: Specific pension amounts are defined for part-time employees retiring on or after November 1, 2017, based on their scale of wages (1/3, 1/2, 3/4).

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