Farewell scheme

FAREWELL SCHEME TO RETIRING EMPLOYEES:

They are eligible for the following facilities, upon retirement, subject to any change, as and when decided by the Bank.

1. Reimbursement of medical expenses for domiciliary treatment, as also for hospitalization, into certain limits, as above, in case the retiring employee is a member of Bank of India Retired Employees Medical Assistance Scheme.

2. Eligibility to stay in the Bank’s Holiday Home, during the period the Holiday Homes are not occupied/applied for by the existing staff members, in all  holiday homes established by the Bank, but EXCLUDING  THE HOLIDAY HOMES  ESTABLISHED AT NEW DELHI, BANGALORE AND MYSORE  as per  H.O.administrative circular dated 16.09.2010

3. Eligibility for getting a higher rate of interest by 1% over the normal rates, on their deposits kept with our Bank (like regular staff members). And also eligible to get additional rate of 0.5% as applicable to senior citizens, if the retired employee is a senior citizen.

4. Eligibility to continue to earn interest on his Provident Fund balance at the rates applicable to the regular employees, up to a period of 3 years of retirement, as per the provisions of the Bank’s existing Provident Fund Rules.

5. Eligibility to receive copies of the Bank’s quarterly bilingual journal “TAARANGAN” on request, to keep themselves informed of the developments taking place in the Bank

6. Whenever a permanent employee of the Bank, irrespective of his cadre, is retiring from the Bank’s service, a small function for felicitating him/her may be arranged by the staff members if the concerned Branch/Office/ Department (in case of large establishments such as Head Office/Zonal Office/Mumbai (Main) Branch, etc.) which would be presided by the Head of the Branch/Office/Department. For organizing the said function, an amount of Rs.500 may be allowed to be spent by the concerned Branch/office, for arranging for a bouquet/garland as also for a token of gift or memento to be given in honour of the retiring employee. Besides, an amount up to Rs.15 per staff member in the Branch/Office may also be allowed to be spent for arranging tea, coffee, snacks, etc. for them during the aforesaid function. The amount thus spent may be debited to the Bank’s Profit & Loss account.

7. The function to felicitate the retiring employee should be organized after the business hours, on the day he/she is going to be relieved from the Bank’s service. In case, the retiring employee approves, his/her spouse should also be invited to be felicitated in the function. After the function, the Head of the Branch/office/Department should make appropriate arrangements to drop the retiring staff member and his/her spouse at their residence, preferably accompanied by himself.

8. While felicitating the retiring staff member, a certificate appreciating his services rendered to the Bank, may also be handed over to him, duly signed by the Head of the Branch/Office, which can be laminated/framed at the Bank’s cost. The said certificate should be in accordance with the following format:

CERTIFICATE OF APPRECIATION

Dear Sri/Srimathi _________________________________________

On behalf of all the staff members of Bank of India, I place on record our most sincere appreciation for the dedicated services rendered by you, during your tenure with the Bank from ___________ to ____________ and bid you farewell on your retirement.

2. We wish you and your family all happiness, and also hope that you will be able to carry out all your post-retirement plans in the years to come.

With warm regards,

Yours sincerely

(Designation)

Please note that this scheme will be applicable to the Bank’s permanent employees, on their retirement, but not to the employees who opt for voluntary retirement under any special Voluntary Retirement Scheme, o whose retirement is on account of some punishment or penalty.

REFER BRANCH CIRCULAR NO.97/145 DATED 06.01.2004

AS PER BRANCH CICULAR NO.103/86 DATED 14.08.2009, a grievances cell is formed at Head Office, for retired employees and the contact persons are as under:

1. Sri K.J.Engineer, Staff Welfare Officer, HRD, IR Division, Head Office – Tel: 022-66684748 – Mob: 09869070878

2. Sri Vishwas Vaidya, Manager, HRD, TBD, Head Office – Tel: 022-66684811

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