ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -This is done by doing calculation (Pensionable salary X pensionable service years)/70. Let us take the case of an employee who has worked for 21 years with multiple employers while continuously making contributions to the EPF and EPS accounts. The pensionable salary is capped at Rs 15, 000, according to the EPF law.

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: -6.1 Linkage Of full pension with 33 years of qualifying service shall be dispensed with. Once a Government servant has rendered the minimum qualifying service of twenty years, pension shall be paid at 50% of the emolument or average emoluments received during the last 10 months, whichever is more beneficial to him.

Detailed explanation-4: -Pension. The minimum eligibility period for receipt of pension is 10 years. Commutation of Pension. Death/Retirement Gratuity. General Provident Fund and Incentives. Contributory Provident Fund. Leave Encashment. Central Government Employees Group Insurance Scheme.