A SUGGESTION: INTRODCUTION OF INDIAN OVERSEAS BANK

EMPLOYEES EMPLOYMENT SUBSTITUTION OPTION SCHEME, 2015

(ESOS) (DRAFT ONLY)
Objective: to rationalize and improve quality Manpower, Manpower Cost & induct
growing need for young talent:
Eligibility Conditions:
Only son or a daughter (married / unmarried) or son-in-law of the eligible
employees will be eligible to apply for appointment under the scheme. In the
case of adopted Son / Daughter / Son-in-law daughter in law, the adoption
should have been a legal adoption and the same should have been done at least
one year prior to the cutoff date.
The age of the applicant should not exceed 30 years in the case of Graduation
and 35 years in the case of Post Graduation as on cutoff date. The candidate
applying for Clerical Post should have studied 10+2+3 years pattern. (i.e. the
candidates studied in and passed through any open university are not eligible)
Minimum educational qualification will be as per Banks recruitment norms for
clerks.
The decision of the management will be final as to whether the institution is a
recognized one or not.
The recruitment process will consist of written examination and interview. The
written examination will be conducted by the Bank internally.
Only if ESOS application of the employee is acceptable to the Bank, the
eligible Son / Daughter / Son-in-law/ daughter in law /referral person of the
employee concerned will be called for written examination in the clerical cadre.
The pattern of written examination will be objective type questions with
maximum marks of 100 on the following topics viz., English Language,
Reasoning, Numerical ability, Clerical Aptitude and Computer Knowledge.
The duration of examination will be one hour and 45 minutes. The candidate
should score minimum 35% of marks in the written examination and the
candidates passed in the written examination will be called for interview. The
1

communication in this regard will be final and no correspondence will be

entertained in this matter.
The final selection of candidates after the interview will be subject to their
suitability and the vacancies / requirements at that time.
Mere eligibility or pass in the written examination will not entitle a person to
make a claim for employment as matter of right.
Candidates selected will be posted to any of the branches / offices according to
the availability of vacancies and as per the administrative exigencies.
The offer of appointment will be in clerical cadre. However, out of the eligible
candidates, if any candidates possess MCA or M.Sc (Computer Science) or
B.E. (through regular college courses) with minimum 60% of marks, or pass in
final examination conducted by, Institute of Chartered Accountants of India,
Institute of Cost and Works Accountants of India, C.F.A., the management may
at its discretion consider to offer appointment to such candidates in officer
Scale-I cadre subject to administrative exigencies.
OTHER BENEFITS:
In addition to offer of employment to the eligible / suitable son or daughter of
eligible employees whose applications for Employment Substitution Option
have been accepted by the Bank, such employees will also be entitled for the
following retirement and other benefits as per eligibility under the applicable
laws / rules / regulations governing payments / disbursements / of such
benefits.
Pension or Provident Fund, as the case may be, as per the respective
regulations.
Gratuity as per the Act (or as per the Banks scheme, whichever is beneficial)
ADDITIONAL BENEFITS
Reimbursement of Hospitalization expenses until he/ she reaches the age of
superannuation as per 10th bipartite settlement.

 Can avail LFC facility as per option exercised (2years or 4 years as the case
maybe) but not LFC encashment until he/ she reaches the age of
superannuation as per 10th bipartite settlement.
In addition to the above benefits, such of those employees whose application
for Employment Substitution Scheme is accepted are also eligible for the
additional benefit of PL encashment of maximum of 240 days subject to the PL
a t credit to that extent or to the extent of PL at credit.
EMPLOYEMENT SUBSTTUTION SCHEME:
Providing employment opportunity in Clerical cadre to eligible Son / Daughter / Sonin-law/ or referral of the eligible employees.
1. TITLE:
This scheme is named as Indian Overseas Bank Employees Employment
Substitution Option Scheme, 2015 and hereinafter referred to as ESOS.
2. NEED FOR INTRODUCTION OF THE SCHEME / OBJECTIVES:
Some of the employees who have been in the Bank for a long period of time
have expressed a desire to have an Employment Substitution Option either due
to their age factor or ill health or due to certain domestic problems etc. They
also looked upon to the Bank to help them by providing employment to one of
their eligible wards, so that there will be continuity of income to the family
even if they exit from the services of the Bank.
With a view to fulfill the desire of such employees and at the same time to
provide succor to their family and keeping in tradition that the welfare of the
employees and their family is always considered as a most important factor this
Employment Substitution
Option scheme has been evolved by the
Management as a good gesture.
3. APPLICABILITY AND COMMENCEMENT:
a) This scheme is applicable to the permanent eligible employees of the
Bank in Executives, Officers, Clerical and full time/part-time
subordinate cadre employees who have completed 20 years of service
and above 50 years of age. Further, the scheme is applicable only for the
3

employees (eligible as per scheme) who are in the rolls of the bank as on
31/10/2015...
b) The management may at its discretion relax the eligibility criteria on
merits of individual cases. However, it cannot be claimed as a matter of
right.
Note: The scheme is not applicable to:
(ii) Employees against whom disciplinary proceedings are pending for
commission of major misconducts and who are under suspension. However the
bank may at its discretion waive this stipulation and accept the application for
Employment Substitution Option under the scheme from any employee in this
category on case-to-case basis.
The Scheme will come into force from and shall remain open upto the
close of office hours on . or such other earlier time as may be determined
and communicated by the Bank. The applications for Employment Substitution
Option under the Indian Overseas Bank Employees Employment Substitution
Option Scheme will be accepted during this period only. The decision of the
Bank in this regard shall be final and binding on the employee. Applications so
given may be withdrawn before .. .
The scheme is voluntary and the Bank is not under any obligation to accept any
application offering Employment Substitution Option under the scheme. In
other words, the Bank has the discretion either to accept or reject any
application without assigning any reason therefore.
POST OFFERED:
The offer of appointment will be in clerical cadre. However, out of the eligible
candidates, if any candidates possess MCA or M.Sc (Computer Science) or
B.E. (through regular college courses) with minimum 60% of marks, or pass in
final examination conducted by, Institute of Chartered Accountants of India,
Institute of Cost and Works Accountants of India, C.F.A., the management may
at its discretion consider to offer appointment to such candidates in officer
Scale-I cadre subject to administrative exigencies.
PROCEDURE FOR APPLYING FOR ESOSS AND
APPOINTMENT TO SON / DAUGHTER / SON-IN-LAW:
4

OFFER

OF

 The eligible employees should make an application in the prescribed format to

the General Manager PAD, The Indian Overseas Bank Limited, Central
Office, Chennai. The application shall be forwarded through the Manger of the
Branch / head of the office in which the concerned employee is working. Such
employees should also enclose the application of either his son or daughter or
son-in-law who is eligible to apply for appointment under the scheme with full
particulars along with the candidates photograph and copies of testimonials.
After scrutiny of the applications and ascertaining the eligibility of the son /
daughter / son-in-law as the case may be, necessary call letter will be sent to the
eligible candidates for written examination. MCA, or M.Sc (Computer
Science) or B.E or Institute of Chartered Accountants of India, Institute of
Cost and Works Accountants of India, C.F.A... Candidates qualifying under
Paragraph 5 need not take up the examination but appear straight away
for interview.
Such of those candidates who secure the minimum required marks in the
written examination will be called for interview at a later date. Necessary
intimation will be sent only to these candidates. No correspondence will be
entertained in this regard.
After the interview if the candidate is provisionally selected for employment,
an intimation regarding the acceptance of ESOS
will be sent to the
concerned employee specifying the date of relief. In case the candidate is not
selected the request of the concerned employee for Employment
Substitution Option will not be taken up for consideration in the normal
course.
The order of appointment in the clerical cadre will be sent to the branch / office
where the concerned employee is working along with the relieving order of the
employee. The appointment order of the candidates is to be handed over to
him/her on the same day, after the relief of the employee from the services of
the Bank.
OTHER TERMS:
The base date for determining the age and other criteria will be

 Only employees who are eligible as per the eligibility criteria given above and
who has a son / daughter (married / unmarried) son-in-law who fits into the
above eligibility criteria can apply for ESOSS under the scheme.
The eligible employees will have to submit an application to go on
Employment Substitution Option in case his son / daughter / son-in-law
daughter in law /referral person is selected in the final process. The application
submitted by the employee will become irrevocable after the last date for
withdrawal of application i.e. after
The Bank has the discretion either to accept or reject the application for
Employment Substitution Option Scheme without assigning any reason.
The Chairman of the Bank is the Competent Authority either to accept or reject
the request for ESOS.
This scheme is a special offer and is not a part of the service conditions and no
employee can claim as a matter of right an exit under this option.
The employee who opts for ESOS whose ESOS is accepted shall have to close
all the liabilities in his/her name with the bank before his/her relief or he/she
should authorize the Bank to adjust such dues from out of his / her terminal
benefits.
The Bank reserves its right to withdraw / amend / alter / modify this
scheme at any time without assigning any reason at its discretion. The
decision of the Bank in this regard shall be final and binding on the
employees.