to personnel administration dept. 60 vv

ToFrom All Indian Branches/Indian Overseas Bank ~ Regional OfficesPersonnel Administration Dept. 60Pension Cell VVCentral Office763,Anna Salai,Chennai-600 002

TRANSIENTSERIES (FILE 7F) CIRCULARNO: 34 OF 2015-16 DATED: 27.07.2015

REVISION OF PENSION FOR THOSE WHO RETIRED ON OR AFTER 01.11.2012 ASPER 10TH BIPARTITE SETTLEMENT/JOINT NOTE DATED 25.05.2015.

As per the 10th Bipartite Settlement/ Joint Note dated 25.05.2015, our Bank has issuedCircular No.EST/101/2015-16 dated 08.06.2015 and EST/102/2015-16 dated06.07.2015 regarding Salient features of the New Settlement.

Due to revision in Basic Pay, monthly pension will be reduced for those who receive therevised commutation. On the other hand, monthly pension slightly higher for those whodo not opt for revised commutation.

Hence, Employees/ Officers who have been in the service of the Bank on 01.11.2012 andretired thereafter but before 25.05.2015 and who had earlier opted for commutation ofPension should submit their option letter (As per Annexure I or II as the case may be,enclosed hitherto) to The Chief Manager, PAD Pension Cell, Central Office so as to reachus on or before 30.09.2015. In the event of non-receipt of duly filled in option(Annexure-t/It) by the stipulated date at central office, it will be presumed that theconcerned pensioners are desirous of receiving the incremental commutation on revisedpension. Accordingly, incremental commutation (after necessary adjustment due toreduction in monthly pension) and consequent revised reduced pension aftercommutation will be disbursed by the Bank.

This Circular is to be displayed on the Notice Board of the Branch to enable the RetiredStaff to know about the contents and act accordingly.

(Indira Padmini)General Managero."J/

Annexure to Circular No 34. dated 27.07.2015Annexure-I

From Date:Place:

Name:PPO.No:Address:

Mobile No:

To

The Chief ManagerPersonnel Administration Department-Pension CellIndian Overseas BankChennai - 600 002.

Dear Sir,

Option for receipt of Incremental Commutation on Revised Basic Pension interms of 10th Bipartite Settlement/ Joint Note dated 25.05.2015.(For those Officers/Employees who were in service of the Bank as on01.11.2012 and retired thereafter but before 25.05.2015 and who had earlieropted for commutation)

I am presently drawing pension through your(Br.Code ).

Branch

I have gone through and understood the terms of the 10th Bipartite Settlement/ JointNote dated 25.05.2015 with reference to PAD/CO Circular No.34 Dated 27.07.2015.

I am interested to receive the incremental commutation on revised basic pension and Ihereby irrevocably opt to claim the incremental commutation and also agree to receivethe revised pension accordingly i.e. after revised commutation in terms of BipartiteSettlement/ Joint Note dated 25.05.2015.

This option is irrevocable and binding upon me on my legal heirs/nominees as well.

Yours faithfully

(. )

Annexure to Circular No34. dated 27.07.2015Annexure- II

From Date:Place:

Name:PPO.No:Address:

Mobile No:

To

The Chief ManagerPersonnel Administration Department-Pension CellIndian Overseas BankChennai - 600 002.

Dear Sir,

Option for Not Claiming Incremental Commutation on Revised Basic Pension interms of 10th Bipartite Settlement/ Joint Note dated 25.05.2015.(For those Officers/Employees who were in service of the Bank as on01.11.2012 and retired thereafter but before 25.05.2015 and who had earlieropted for commutation)

I am presently drawing pension through your(Br.Code ).

Branch

I have gone through and understood the terms of the 10th Bipartite Settlement/ JointNote dated 25.05.2015 with reference to PAD/COCircular No. 34 Dated 27.07.2015.

Since I do not desire to receive incremental commutation on revised basic pension, inexercise of the option granted in the Bipartite Settlement/ Joint Note dated 25.05.2015.I hereby irrevocably opt not to claim incremental commutation on my revisedpension

This option is irrevocable and binding upon me on my legal heirs/nominees as well.

Yours faithfully

( )