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2. Definitions:
In these Regulations, unless the context otherwise requires, .....
(d) "Average Emoluments" means the average of the pay drawn by an employee during the last ten months of his service in the Bank. .....
(s) "Pay" includes, ......
(c) in relation to an employee who retired or died while in service on or after the 1st day of April, 1998-
i) the basic pay including stagnation increments, if any; and
ii) all other components of pay counted for the purpose of making contribution to the Provident Fund and for the payment of dearness allowance; and
(2) Dearness relief shall be allowed on full basic pension even after commutation.
38. Determination of the period of ten months for average emoluments. -
(1) The period of the preceding ten months for the purpose of average emoluments shall be reckoned from the date of retirement.
(2) In the case of voluntary retirement or premature retirement, the period of the preceding ten months for the purpose of average emoluments shall be reckoned from the date on which the employee voluntarily retires or is premature retired by the Bank.
(3) In the case of dismissal or removal or compulsory retirement or termination of service, the period of the proceeding the months for the purpose of average emoluments shall be reckoned from the date on which the employee is dismissed or removed or compulsorily retired or terminated by the Bank.
(4) If during the last ten months of the service, an employee had been absent from duty on extraordinary leave on loss of pay or had been under suspension and the period whereof does not count as service, the aforesaid period of extraordinary leave or suspension shall not be taken into account in the calculation of the average emoluments and equal period before the ten months shall be included.

7. Regulation 38 of the Bank (Employees') Pension Regulation, 1995 prescribes the method of determination of the period of ten months for average emoluments, which is to be reckoned for ten months prior to the date of retirement or compulsory retirement or voluntary retirement, as the case may be, subject to the exception of Regulation 38(4).

8. Under Regulation 2(d), 'average emoluments' means the average pay drawn by the employee during last ten months of his service in the Bank. Pension would have to be determined by computing the salary drawn in the last ten months prior to the date of retirement.