Section 36 in Oriental Bank of Commerce (Employees') Pension Regulations, 1995
36. Minimum Pension.
- The amount of minimum pension shall be-(a)Rupees three hundred and seventy five per month in respect of an employee other than a part time employee where the employee had retired before 1st day of November, 1992 (in case of workmen) or before 1st day of July, 1993 (in case of officers) and proportionate amount thereof in relation to the rate of scale of wages in the case of a part time employee who had retired before the 1st day of November, 1992;(b)Rupees seven hundred and twenty per month in respect of an employee other than a part-time employee, where the employee retired on or after the 1st day of November, 1992 (in case workmen) or on or after the 1st day of July, 1993 (in the case of officers) and proportionate amount thereof in relation to the rate of scale of wages in the case of a part time employee who retired on or after the 1st day of November, 1992.(c)Rupees one thousand and fifteen per month in respect of an employee other than a part-time employee where the employee retired on or after the 1st day of April, 1998 and rupees three hundred and thirty nine per month in respect of a part-time employee drawing 1/3 scale wages, rupees five hundred and eight per month in respect of a part-time employee drawing ½ scale wages and rupees seven hundred and sixty two per month in respect of a part time employee drawing ¾ scale wages where the part time employee retired on or after the 1st day of April, 1998.Note: Rates of minimum pension including (Normal & Family Pension in case of PTS also ) as per Bipartite Settlement / Joint Note dated 02.05.2005 )(Subject to amendments in Oriental Bank of Commerce ( Employees) Pension Regulations, 1995)Minimum Pension with effect from 01.05.2005(a)In respect of employees, other than part-time employees, who retired on or after 01.04.1998 but before 31.10.2002, the amount of minimum pension shall be Rs.1,060 per month. In respect of Part-time employee who retired during this period, the minimum pension payable shall be Rs.355 per month. In respect of part-time employees drawing 1/3 scale wages, Rs.530 per month in respect of part-time employees drawing ½ scale wages and Rs.795 per month in respect of part-time employees drawing ¾ scale wages.(b)In respect of employees, other than part-time employees, who retired on or after 01.05.2005, the amount of minimum pension shall be Rs.1,435 per month. In respect of Part-time employee who retired on or after 01.05.2005, the minimum pension payable shall be Rs.480 per month. In respect of part-time employees drawing 1/3 scale wages, Rs.720 per month in respect of part-time employees drawing ½ scale wages and Rs.1,080 per month in respect of part-time employees drawing ¾ scale wages.Note: Minimum pension being paid to retirees of the period 01.11.2002 to 30.04.2005 may also be revised with effect from 01.05.2005 with reference to para (b) above.Note: Rates of minimum pension including (Normal & Family Pension in case of PTS also ) as per Bipartite Settlement / Joint Note dated 27.04.2010 ) )(Subject to amendments in Oriental Bank of Commerce ( Employees) Pension Regulations, 1995)(a)In respect of employees other than part-time employees, who retired on or after 1.11.07, the amount of minimum pension shall be Rs. 1,779 p.m.(b)In respect of part-time employees who retired on or after 1.11.07, the minimum pension payable shall be Rs.595 p.m. in respect of part-time employees drawing 1/3 scale wages, Rs.892 p.m. in respect of part-time employees drawing ½ scale wages and Rs.1,339 p.m. in respect of part-time employees drawing ¾ scale wages.
