You are a pensioner ex navy and retired on 31 Jan 1999 presently your basic pension is 3560 what will be your basic pension after sixth pay commission?

1. How is basic pension calculated?
2. How is pension calculated as per 7th CPC?
3. How is revised pension for pre 2006 pensioners calculated?
4. How do I calculate my pension after voluntary retirement?
5. What is basic pension and family pension?
6. How do you calculate notional pay for pensioners?
7. How is 15 and 26 gratuity calculated?
8. How much is family pension after pensioner dies?
9. What is Table No 24 and 25 in revision of pension concordance?
10. What is commuted pension?
11. What is the notice period for voluntary retirement?
12. Do we get pension after VRS?
13. What is the rule of VRS?

How is basic pension calculated?

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.

How is pension calculated as per 7th CPC?

1.25 lakh per month which is 50% of the monthly highest pay and Rs. 75,000 per month which is 30% of the highest monthly pay. The central government has raised this ceiling from Rs. 45,000 to Rs.

How is revised pension for pre 2006 pensioners calculated?

pt. 1 Dated 14/10/2008 (Includes Revised concordance table of the pre-96,pre-2006 and post-2006 pay scales/pay bands and Illustrations for calculation of Pension/family pension ) Order No. 38/37/08-P&PW(A).

How do I calculate my pension after voluntary retirement?

An amount equivalent to three months' salary for each completed year of service may be paid. An alternative method of calculation is by multiplying the employee's salary at the time of voluntary retirement with the remaining months of service left for the actual date of retirement.

What is basic pension and family pension?

Definition of Basic Pay : Basic pay includes stagnation increment and non-practicing allowance if any, drawn on the date of retirement or death. Date of commencement of Family Pension: The Family Pension is payable from the date following the date of death of the Govt. servant.

How do you calculate notional pay for pensioners?

(i) Notional Pay of employees who retired prior to 01.01. 2016 may be fixed in the Pay Matrix on the basis of the Pay Band and Grade Pay at which they retired, by adding the number of increments he/ she had earned in that level while in service, to the minimum of the corresponding level in the matrix.

How is 15 and 26 gratuity calculated?

To calculate the gratuity payable to employees covered under the Act, the formula applicable is (15 x salary last drawn x period of employment) divided by 26. The formula factors in the 15 days of last drawn salary for every year of service completed or part of thereof in excess of 6 months.

How much is family pension after pensioner dies?

(ii) In case government employee died while in service, family pension will be paid at enhanced rates i.e. 50% of pay last drawn for a period of 10 years. Thereafter family pension will be paid at the rate of 30% of the last pay.

What is Table No 24 and 25 in revision of pension concordance?

2017. Tables No. 24 & 25 in these concordance tables indicated the revised pension/family pension based on the corresponding 6 CPC grade pay of Rs. 4200/- in respect of pre-2006 pensioners/family pensioners who retired/died in the 5th CPC scale of Rs.

What is commuted pension?

Commuted and Uncommuted Pension

Such pension received in advance is called commuted pension. For example, at the age of 60 years, you decide to receive 10% of your monthly pension in advance for the next 10 years worth Rs 10,000. This will be paid to you as a lump sum.

What is the notice period for voluntary retirement?

2. Orders should be obtained from the competent authority on the voluntary retirement before the expiry of the notice period of three months. The acceptance or otherwise of the proposal for voluntary retirement shall be intimated to the employee before the expiry of the notice period of three months.

Do we get pension after VRS?

Other accrued benefits like gratuity, pension and provident fund are also paid out with the VRS compensation. Some companies have an overall post-retirement medical cover which applies even after you opt for VRS. At SBI, the pension is decided on the basis of the income slab and designation at the time of retirement.

What is the rule of VRS?

The employee who opts for VRS is entitled to get:

— 45 days salary for each completed year of service or monthly emoluments at the time of retirement multiplied by the remaining months of service before the normal date of service, whichever is less. — Employee gets provident fund (PF) and gratuity dues.