Common use of Pension (in Banks other than State Bank of India Clause in Contracts

Pension (in Banks other than State Bank of India. 1. It is agreed between the parties that the terms of the Bank Employees‟ Pension Regulations, 1995 dated 29th September 1995/ 26th March 1996 shall not apply to the employees who join the services of Banks on or after 1st April 2010; and they shall be covered by a Defined Contributory Pension Scheme, which shall be governed by the provision of the Contributory Pension Scheme introduced for employees of the Central Government w.e.f. 1st January 2004, and as modified from time to time. Necessary amendments to the relevant provisions of the Bank Employees‟ Pension Regulations, 1995 dated 29th September 1995/ 26th March 1996 shall be carried out following the procedure in this regard.