Common use of Computation of Retirement Benefits For Service Up To 30th September Clause in Contracts

Computation of Retirement Benefits For Service Up To 30th September. 1981 (a) In respect of service prior to 1st October 1981, an employee shall be entitled to retirement benefits in accordance with the provisions contained in the individual Collective Agreements between the Union and the Individual Banks which expired on 31st December 1977, and in the case of Banks which were not parties to any Collective Agreement, according to the existing terms in such Banks. (b) The Bank shall remit the accrued lump sum retirement benefits to the Employees Provident Fund or pay dividends according to EPF rates within 90 days from the date of signing this Agreement. The dividends on the lump sum shall accrue 90 days from date of signing of this Agreement. (c) Any tax on the accrued lump sum retirement benefits when it is remitted to the Employees Provident Fund shall be borne by the employees. (d) Where a Bank elects to retain the retirement benefits, the lump sum retirement benefits under Xxxxxx (2)(a) of Article 34 in the SCBA/SBEU Industrial Court Award No:133/82 dated 29th June 1982, will be paid together with accrued dividends upon retirement or as a result of medical disability at any age as certified by the Bank’s panel of doctors. (e) Where the lump sum accrued retirement benefits are retained in the Bank’s books, the accrued lump sum and accrued dividend shall be paid to the employee’s account with the Employees Provident Fund on his resignation. (f) Where a Bank elects to remit the accrued lump sum retirement benefits to the Employees Provident Fund, an employee may elect to retain his lump sum retirement benefits in the Bank’s books. In such an event, the accrued lump sum retirement benefits shall not earn any dividend. (g) Where the Bank retains the accrued lump sum retirement benefits, the accrued sum together with dividends shall be paid to the beneficiary in the event the employee dies whilst in service. PROVIDED THAT no employee who is entitled to a lump sum retirement benefit under Xxxxxx (3)(a) of this Article shall be paid the sum if he resigns or is dismissed or has his service terminated in circumstances involving fraud, embezzlement or dishonesty resulting in financial loss to the Bank.

Computation of Retirement Benefits For Service Up To 30th September. 1981 (a) In respect of service prior to 1st October 1981, an employee shall be entitled to retirement benefits in accordance with the provisions contained in the individual Collective Agreements between the Union and the Individual Banks which expired on 31st December 1977, and in the case of Banks which were not parties to any Collective Agreement, according to the existing terms in such Banks. (b) The Bank shall remit the accrued lump sum retirement benefits to the Employees Provident Fund or pay dividends according to EPF rates within 90 days from the date of signing this Agreement. The dividends on the lump sum shall accrue 90 days from date of signing of this Agreement. (c) Any tax on the accrued lump sum retirement benefits when it is remitted to the Employees Provident Fund shall be borne by the employees. (d) Where a Bank elects to retain the retirement benefits, the lump sum retirement benefits under Xxxxxx Clause (2)(a) of Article 34 in the SCBA/SBEU Industrial Court Award No:133/82 dated 29th June 1982, will be paid together with accrued dividends upon retirement or as a result of medical disability at any age as certified by the Bank’s panel of doctors. (e) Where the lump sum accrued retirement benefits are retained in the Bank’s books, the accrued lump sum and accrued dividend shall be paid to the employee’s account with the Employees Provident Fund on his resignation. (f) Where a Bank elects to remit the accrued lump sum retirement benefits to the Employees Provident Fund, an employee may elect to retain his lump sum retirement benefits in the Bank’s books. In such an event, the accrued lump sum retirement benefits shall not earn any dividend. (g) Where the Bank retains the accrued lump sum retirement benefits, the accrued sum together with dividends shall be paid to the beneficiary in the event the employee dies whilst in service. PROVIDED THAT no employee who is entitled to a lump sum retirement benefit under Xxxxxx Clause (3)(a) of this Article shall be paid the sum if he resigns or is dismissed or has his service terminated in circumstances involving fraud, embezzlement or dishonesty resulting in financial loss to the Bank.

Computation of Retirement Benefits For Service Up To 30th September. 1981 (a) In respect of service prior to 1st October 1981, an employee shall be entitled to retirement benefits in accordance with the provisions contained in the individual Collective Agreements between the Union and the Individual Banks which expired on 31st December 19771975, and in the case of Banks which were not parties to any Collective Agreement, according to the existing terms in such Banks. (b) The Bank shall remit the accrued lump sum retirement benefits to the Employees Provident Fund or pay dividends according to EPF rates within 90 days from the date of signing this Agreement. The dividends on the lump sum shall accrue 90 days from date of signing of this Agreement. (c) Any tax on the accrued lump sum retirement benefits when it is remitted to the Employees Provident Fund shall be borne by the employees. (d) Where a Bank elects to retain the retirement benefits, the lump sum retirement benefits under Xxxxxx Clause (2)(a) of Article 34 in the SCBA/SBEU Industrial Court Award No:133/82 dated 29th June 1982, will be paid together with accrued dividends upon retirement or as a result of medical disability at any age as certified by the Bank’s panel of doctors. (e) Where the lump sum accrued retirement benefits are retained in the Bank’s books, the accrued lump sum and accrued dividend shall be paid to the employee’s account with the Employees Provident Fund on his resignation. (f) Where a Bank elects to remit the accrued lump sum retirement benefits to the Employees Provident Fund, an employee may elect to retain his lump sum retirement benefits in the Bank’s books. In such an event, the accrued lump sum retirement benefits shall not earn any dividend. (g) Where the Bank retains the accrued lump sum retirement benefits, the accrued sum together with dividends shall be paid to the beneficiary in the event the employee dies whilst in service. PROVIDED THAT no employee who is entitled to a lump sum retirement benefit under Xxxxxx Clause (3)(a) of this Article shall be paid the sum if he resigns or is dismissed or has his service terminated in circumstances involving fraud, embezzlement or dishonesty resulting in financial loss to the Bank.