Calculation of average emoluments for the purpose of pension –
Determination of last months period for arriving at average emoluments –
Impact on account of participation in strike with loss of pay
In the light of our call for strike for 4 days from 25th Feb.2015, some queries have been made to us regarding the impact on calculation of pension consequent to loss of pay for participation in strikes. In this regard, we furnish herein the clarification given by IBA ( dt. 22-5-2002 ) to one of the Banks when the issue was referred to them.
“ We are to inform you that the subject matter was an issue for consideration before the Working Group of IBA which met on 18th April, 2000. The members of the Group, after deliberating on the issue, decided that the participation in strike during the last 10 months before retirement should not affect the employee’s pension for all times to come and such the average emoluments for the purpose of arriving at pension payable in such cases shall be calculated as given under Regulation 38 (4) of Bank Employees pension Regulations, 1995.”
Our units may circulate the above for the information of our base units and members.
Our units should also ensure that all employees who are retiring in the next few months should participate in the strike without fail. In fact, the new Settlement will benefit them because in addition to revised wages from 1-11-2012, their retirement benefits will also undergo substantial improvement due to wage revision.