VRS OPTEES IN BANKS DENIED PENSION BY IBA

"Once the implementation of one more option was cleared by vacation of stay order of Madras High Court, IBA has circulated the pension scheme to all banks.

 However acting on a reference by one Bank, IBA has advised Banks to withdraw circular issued [by United Bank of India] in respect of pension under VRS.

 These instructions as well as omission of optees under VRS scheme in Banks as per OSR denying pension to such optees is at variance with UFBU discussions on the matter......."



Source : All India Bank Officers Association