KNOW YOUR PENSION

PENSION CALCULATION MADE EASY



SOMETHING ABOUT PENSION


Minimum Pension Rs 1435/-   per month, who retire on or after 01.05.2005.

  Maximum Pension

Those who have got 33 years of qualifying service will get 50% of their average emoluments as Basic Pension and where the qualifying service is less than 33 years; the basic pension would be proportionate to their service.

Calculation of Basic Pension.

Average of 10 months pay prior to the date of retirement has to be calculated (pay includes BP + increment component of FPP+PQP).

Basic pension = (10 months’ Average Pay    x    No of years of service) / (2x33) 

Dearness Relief on Basic Pension.

In respect of employees who retire on or after 1.5.2005, Dearness Relief shall be payable for every rise   or   be recoverable for every fall, as the case may be of every 4 points over 2288 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers in the series 1960 = 100, at the rate 0.18% of Basic Pension.  

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 Family Pension :

In the event of death while in service or after retirement, family pension shall be payable to spouse/dependents at the following rates w.e.f. 01.5.2005.

Scale of pay per month                        Amount of Family Pension

Upto Rs 5720                                        30% of the pay as family pension

                                                               with minimum of Rs 1435/-

Rs 5720 to 11440                                 20% of the pay as family pension

                                                              with minimum of Rs 1715

Above Rs 11440                                   15% of the pay as family pension

                                                               with minimum of Rs 2292 and

              Maximum of Rs 4784