(This has reference to my earlier post regarding taking voluntary retirement on attaining the age of 50 years.)
Basic Pension = (Basic Pay + PA + FPA)/2 X No. of Years of Service/33
For example (in my case)
Basic Pay = Rs 27425/-
PA = Rs 550/-
FPA = Rs 835/-
Total Rs 28810/-
Hence Rs 14415/- would be multiplied by the service factor so as to arrive at the basic pension per month. DA is payable at prevailing rates. Assuming that I retire voluntarily on attaining the age of 50 years (ie on or after 10 October 2007), the service factor in my case will be 1 (entitled for full pension). Service in the Bank = 17 years 10 months + 10 years 3 months military service already counted. 5 years of notional benefit is also applicable as balance service left for normal superannuation is more than 5 years.
Commutation value is one third of the basic pension X 12 X 12.95 (this is a factor depending on your age one year after retirement – in my case on attaining the age of 51 years). The maths works out to 4805 X 12 X 12.95 or Rs 7,46,697/-
Monthly pension after commutation would work out to Rs 13,600/- approx (two thirds basic pension and DA) at present rates. DA is paid on the full basic pension. The other receivables would be as follows :
(a) Provident Fund As applicable
(b) Gratuity Rs 3,15,000/- (maximum)
(c) Leave encashment
(d) GSLI contribution
Not a bad picture at all – isn’t it ???
For example (in my case)
Basic Pay = Rs 27425/-
PA = Rs 550/-
FPA = Rs 835/-
Total Rs 28810/-
Hence Rs 14415/- would be multiplied by the service factor so as to arrive at the basic pension per month. DA is payable at prevailing rates. Assuming that I retire voluntarily on attaining the age of 50 years (ie on or after 10 October 2007), the service factor in my case will be 1 (entitled for full pension). Service in the Bank = 17 years 10 months + 10 years 3 months military service already counted. 5 years of notional benefit is also applicable as balance service left for normal superannuation is more than 5 years.
Commutation value is one third of the basic pension X 12 X 12.95 (this is a factor depending on your age one year after retirement – in my case on attaining the age of 51 years). The maths works out to 4805 X 12 X 12.95 or Rs 7,46,697/-
Monthly pension after commutation would work out to Rs 13,600/- approx (two thirds basic pension and DA) at present rates. DA is paid on the full basic pension. The other receivables would be as follows :
(a) Provident Fund As applicable
(b) Gratuity Rs 3,15,000/- (maximum)
(c) Leave encashment
(d) GSLI contribution
Not a bad picture at all – isn’t it ???
2. Career Progression
It seems that there is a move to increase the vacancies in Grade 'C' in our cadre. Let us expect at least doubling of the present five posts in Grade 'C'. For now two vacancies are being taken into account (anticipated) for fresh interviews to AGM (maybe next year).
3. Postings
My friend Sahni has had his request for transfer to Patna instead of Chennai turned down yet again. Sad case !!
4. Back to Snail Mail at Bhopal
I am told that our friends at Bhopal do not have internet access as the facility has been withdrawn. This is a case of regression unless the guys out there were spending all their time surfing.
5 comments:
Hi Bisht , thanks for the update. Keep it up.
Balli
Hi Balli,
Thanks for your kind words man !
Bisht
Your calculations seem to be ok. Let us hope a good V R S comes through. Toms
Hi Toms,
VRS is the new rabbit you've sprung out of the hat. Is there such a move ?? T'will be worth the wait in that case.
Dear Bisht Sir,
Thanks a lot for posting the Superannuation Arithmetic. You have enlightened the ignorant souls like us (the batch of 2003) who were having a re-think on the army-gratuity surrender issue.
The entire thing has been explained in a very concise manner.
Thanks once again.
Post a Comment