BANKING AFFAIRS

Detailed explanation-1: -W.e.f 1.1.2006, Pension is calculated with reference to emoluments (i.e.last basic pay) or average emoluments (i.e. average of the basic pay drawn during the last 10 months of the service) whichever is more beneficial. The amount of pension is 50% of the emoluments or average emoluments whichever is beneficial.

Detailed explanation-2: -Defined as per Rule 33 of CCS Pension Rules for the purpose of calculating pension (other than Retirement / Death gratuity). It includes basic pay (substantive or officiating), Non-Practising Allowance and Stagnation Increment. Further, Dearness Pay (i.e. 50% of basic pay) is also counted as ‘emoluments’ w.e.f. 1.4.

Detailed explanation-3: -pension i.e. 50% will be paid for a period of 7 years from the day following the date of death or up to the date on which pensioner would have attained the age of 67 years, whichever is earlier.

Detailed explanation-4: -The emoluments for the purpose of retirement/death gratuity are reckoned in accordance with rule 31. If the emoluments of a Government servant have been reduced during the last ten months of his service, average emoluments as referred to in rule 32 are treated as emoluments.

Detailed explanation-5: -Accordingly Rule 50(5) of the Pension Rules shall stand modified to the effect that the emoluments for the purpose of gratuity admissible under this rule shall be reckoned in accordance with Rule 33 and in addition DA admissible on the date of retirement/death of the Government employee shall be treated as emoluments.