Classes of pension
a) superannuation pension
b) pre-mature retirement pension
c) pension on voluntary retirement: an
employee may be permitted to retire voluntarily, who has completed 15 years of
qualifying service, after giving 3 months notice in writing & in such case,
the qualifying service shall not in any case exceed 33 years & does not
take him beyond the date of superannuation.
Rate of pension
50% of last drown pay. Pay means aggregated of
pay drawn in terms of 8th BPS
dt 02.06.05
Amount of pension
a) 50% of average of 10 months emoluments
i.e. BP+spl allowance. ranking for PF+PQP+FPP (basic + DA component only)
to
be calculated as stated above.
b) Service of 33 years will qualify for
full pension – for those with less than 33 years of service, pension will be
calculated proportionately, as
(10 months average emoluments× qualifying service)
2 X 33
Commutation:
pensioner may surrender up to maximum of 1/3rd of the pension admissible to him by
way of commutation & receive in lieu thereof lump sum determined in
accordance with his age at next birthday as per time table, given here under: Ex: 1/3rd of basic pension × 12 × factor at age
at next birthday
|
Age
at next birthday
|
Commutation
factor
|
Age
at next birthday
|
Commutation
factor
|
Age
at next birthday
|
Commutation
factor
|
|
35
|
16.92
|
45
|
14.64
|
55
|
11.73
|
|
36
|
16.72
|
46
|
14.37
|
56
|
11.42
|
|
37
|
16.52
|
47
|
14.10
|
57
|
11.10
|
|
38
|
16.31
|
48
|
13.82
|
58
|
10.78
|
|
39
|
16.09
|
49
|
13.54
|
59
|
10.46
|
|
40
|
15.87
|
50
|
13.25
|
60
|
10.13
|
|
41
|
15.64
|
51
|
12.95
|
61
|
09.81
|
|
42
|
15.40
|
52
|
12.66
|
62
|
09.48
|
|
43
|
15.15
|
53
|
12.35
|
63
|
09.15
|
|
44
|
14.90
|
54
|
12.05
|
64
|
08.82
|
Commuted
portion of the pension will be restored after a period of 15 years from the
date of commutation.
DA is
eligible on full basic pension.
FAMILY PENSION
(i) No Stipulation of minimum service for
family pension
(ii) In the event of death while in service
or after retirement, pension shall be payable to the spouse/dependent at the
following rates:
Up to Rs.2870/- 30% of pay min. Rs.720/- p.m.
From Rs.2871 to Rs.5740/- 20% of pay min. Rs.860/- p.m.
Above Rs.5740/- 15% of pay min. Rs.1150/- & max.
Rs.2400/- p.m.
(iii) (a) In
the case of an employee who dies after completion of 7 years of service, higher
family pension equal to 50% of pay last
drawn by the deceased employee or twice the ordinary rate of family pension
whichever is less payable. The family pension at higher rate is payable till
the date the deceased employee would have attained the age of 65 years subject
to a maximum period of 7 years.
a) in the event of the death of an
employee after retirement, before attaining the age of 65 years, family pension
is payable at twice the ordinary rate of family pension or @ 50% of pay last
drawn by the employee at the time of retirement, whichever is less. The maximum
period for which higher family pension will be payable is 7 years or till the
deceased employee would have attained 65 years of age if it occurs earlier.