Age of Retirement

AGE OF RETIREMENT:

After a workman has reached the age of 57 years, he may be retired after giving him 2 months notice in writing in case his efficiency is found by the employee to have been impaired. Subject to this rules and subject to any rule under the existing pension fund, a workman shall not be compelled to retire before he is 60 years old nor will it be necessary to give workman a letter extending his service till he is 60 years old. The management has to provide beyond doubt that the efficiency of a workman is impaired, if it wants to enforce the provision of retiring him at the age of 57 years. Otherwise it will tantamount as colorable exercise of provision and vindictive and liable to be set aside by an Industrial Tribunal or Court.

BANK OF INDIA RETIRED EMPLOYEES MEDICAL ASSISTANCE SCHEME:

<!--[if !supportLists]-->A. <!--[endif]-->Membership is to be obtained upon payment of one time lump-sum contribution equal to ONE MONTH basic pay last drawn and is restricted to the following employees:

<!--[if !supportLists]-->i. <!--[endif]-->Those who have retired from the service of the Bank on superannuation

<!--[if !supportLists]-->ii. <!--[endif]-->Those who have been allowed to retire from Bank’s service on medical grounds

<!--[if !supportLists]-->iii. <!--[endif]-->Those who have taken voluntary retirement from the Bank’s service in terms of the provisions of Bank of India (Officers’) Service Regulations, 1979 and who are not gainfully employed

<!--[if !supportLists]-->iv. <!--[endif]-->Those who have taken voluntary retirement from the Bank’s service in terms of the provisions of Bank of India Employees’ Pension Regulations, 1995 after completion of 55 years of age or 30 years of service in the Bank and not gainfully employed

<!--[if !supportLists]-->v. <!--[endif]-->Spouses of those retired employees mentioned above, if they are not gainfully employed

<!--[if !supportLists]-->vi. <!--[endif]-->Spouses o those employees who die in harness, who are not gainfully employed (gainfully employed means those who are in employment and monthly salary/wages p.m. is Rs.1500 or more)

THOSE WHO CEASED TO BE IN THE EMPLOYMENT OF THE BANK OR WHO WILL CEASE TO BE IN THE SERVICE OF THE BANK FOR REASONS OTHER THAN THOSE MNTIONED ABOVE WILL NOT BE ELIGIBLE FOR MEMBERSHIP AND BENEFITS UNDER THE SCHEME.

<!--[if !supportLists]-->B. <!--[endif]-->COVERAGE:

<!--[if !supportLists]-->I. <!--[endif]-->Retired employees of the Bank and his/her spouse only will be eligible for the benefits under the Scheme

<!--[if !supportLists]-->II. <!--[endif]-->On the death of the retired employee, the spouse will continue to be covered under the Scheme for reimbursement of medical expenses

<!--[if !supportLists]-->C. <!--[endif]-->BENEFITS:

<!--[if !supportLists]-->(1) <!--[endif]-->Hospitalisation expenses or ailments/diseases to the extent of 90% of the bill amount subject to maximum of Rs.5000 per annum except for major illness and special operations for diseases viz. Cancer, Leukaemia, Thalassemia, Tuberculosis, Paralysis, Cardiac ailment, Kidney ailment, Brain Tumor and operations connected with said diseases and other Retinal Detachment, Liver and Gall Bladder, Prostrate and Hernia to the extent of 90% of the bill, subject to maximum of Rs.20,000 p.a. However, in respect of neuro/cardiac/kidney/ liver/cancer surgeries, if hospitalization expenses (including surgery charges0 exceed Rs.1.00 lac, 90% of the bill amount subject to maximum of Rs.1.00 lac to be reimbursed.

OR

Reimbursement of premium of medical insurance for a maximum of Rs.5000 per year for self and spouse, OR Rs.2500 per head (the premium in respect of spouse will be reimbursed only in cases, where they are not gainfully employed)

OR

If member is claiming reimbursement for premium amount paid in respect of BOI National Swastya Bima Yojana,

Such premium amount presently Rs.7,071/- may be reimbursed, however in lieu, domiciliary expenses Rs.2000 maximum p.a. will not be reimbursed to the said member. The member claiming reimbursement of insurance premium amount (Medi-claim) will not be eligible for claiming reimbursement of hospitalization expenses incurred by him/her.

(2) The member of the Scheme shall also be eligible for reimbursement of medical expenses not exceeding

Rs.2000 in a year on declaration basis

FOR CLARIFICATION REGTARDING  BOIREMAS (BANK OF INDIA RETIREED EMPLOYEES MEDICAL ASSISTANCE SCHEME) - REFER IOM REF.NO.HO/TBD/MNB/000254 DATED 27.09.2011 OF HEAD OFFICE, TERMINAL BENEFITS DIVISION, HR DEPARTMENT