NOW-A-DAYS
SO MANY ENQUIRER COMING PARTICULARLY FROM MORE THAN 15 YEARS RETD. AS
TO HOW MUCH FAMILY PENSION GET FOR THEIR PENSION ACCOUNT.
AS
ENQUIRED, THIS TO MAKE PROPERTY ARRANGEMENTS AMONG CHILDREN AND WIFE,
AND AS THERE GENERAL OPINION THAT FAMILY PENSION IS VERY VERY LESS SO
MANY WANT TO KNOW HOW MUCH FAMILY PENSION ACTUALLY THEIR BETTER OFFS GET
AFTERWARDS AND IF VERY LESS HOW TO PROTECT..
but
so far no bank retiree bothers about family pension, hence never look
into or examine Family Pension Rules or calculate from time to time.
NOW AN ATTEMPT TO ADDRESS THE ENQUIRIES.
The FAMILY PENSION IS NOT 15 % AS GENERALLY TALKED BUT START FROM 30% AT LOWER BASICS AND TAPERING DOWN TO 15% FOR HIGHER BASICS,
SUBSTAFF CADRE ALMOST PROTECTED AND THE
WORST SUFFERERS ARE EXECUTIVES AND MIDDLE-MANAGEMENT CADRE O/A CEILINGS
AT STAGES AND TOTAL CEILING THAT VERY LOW FOR AVERAGE PAY EQUAL TO OR
NEAR SCALE II STAGE.
NOW, THE DA RULES FOR PENSION PER LATEST PENSION REGULATIONS AS AMENDED UPTO DATE PER GOVT OF INDIA GAZETTE NOTIFICATION DATED 6TH NOVEMBER 2017 AS FOLLOWS,
(only 1998-2002, 2002-2007 tables/rules taken). as there more prone to FP.
FOR CLEAR VIEW, PLEASE VISIT 18 AND 19 PAGES OF ATTACHMENT
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REGD. NO. D. L.-33004/99
EXTRAORDINARY
III—
PART III—Section 4
PUBLISHED BY AUTHORITY
428]
No. 428] NEW DELHI,
MONDAY, NOVEMBER 6, 2017/KARTIKA 15, 1939
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
Mumbai, the 18th September, 2017
F.No. 6113.—
In
exercise of the powers conferred by clause (f) of sub-section (2) of
section 19 of the Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1970 ( 5 of 1970), the Board of Directors of the
Union Bank of India in consultation with the Reserve Bank of India and
with the previous sanction of the Central Government, hereby makes the following regulations further to amend the Union Bank of India (Employees’) Pension Regulations, 1995,
namely :—
1. (1) These regulations may be called the Union Bank of India (Employees’) Pension (Amendment) Regulations, 2017.
(2)
Save as otherwise expressly provided in these regulations, they shall
come into force on the date of their publication in the Official
Gazette.
2. In the Union Bank of India (Employees’) Pension Regulations 1995 (hereinafter referred to as the said regulations),
.......................
........................
PAGE 16
AMENDMENT No.10 For Appendix III to the said regulations, the following Appendix shall be substituted namely,
APPENDIX III ( SEE REGULATION 39)
The Ordinary rates of Family Pension shall be as under :
.............
(c)..................................
......................................
Provided
that on and from the 1st day of May, 2005 in respect of the employees
(both officers and workmen), other than part time employees, who retired
on or after the 1st day of April 1998 but on or before the 31stday of
October, 2002, the ordinary rate of family pension shall be as under:-—
Scale of pay per month
(1)
Amount of monthly Family Pension
(2)
Up to Rs.4210
30
per cent of the Pay shall be the basic family pension plus 30 per cent
of allowances which are counted for making contributions to Provident
Fund but not for dearness allowance, shall be the additional family
pension. The aggregate of basic and additional family pension shall be
subject to a minimum of Rs.1056 p.m.
***Rs.4211 to Rs.8420
20
per cent of the Pay shall be the basic family pension plus 20 per cent
of allowances which are counted for making contributions to Provident
Fund but not for dearness allowance, shall be the additional family
pension. The aggregate of basic and additional family pension shall be
subject to a minimum of Rs.1262 p.m.
Above Rs.8420
15
per cent of the Pay shall be the basic family pension plus 15 per cent
of allowances which are counted for making contributions to Provident
Fund but not for dearness allowance, shall be the additional family
pension. The aggregate of basic and additional family pension shall be
subject to a minimum of Rs.1687 p.m. and a maximum of Rs.3521 p.m.
(d)
In
respect of employees (both officers and workmen) other than part-time
employees retiring on or after the 1st day of the May 2005 (upto Oct,
2007):-—
Scale of pay per month
(1)
Amount of monthly Family Pension
(2)
Upto Rs.5720
30
per cent of the Pay shall be the basic family pension plus 30 per cent
of allowance which are counted for making contribution to Provident Fund
but not for dearness allowance, shall be the additional family pension.
The aggregate of basic and additional family pension shall be subject
to a minimum of Rs.1435 p.m.
PAGE 19
Rs.5721 to Rs.11440
20
per cent of the Pay shall be basic family pension plus 20 per cent of
allowance which are counted for making contributions to Provident Fund
but not for dearness allowance, shall be the additional family pension.
The aggregate of basic and additional family pension shall be subject to
minimum of Rs.1715 p.m.
Above Rs.11440
15
per cent of the Pay shall be the basic family pension plus 15 per cent
of allowances which are counted for making contributions to Provident
Fund but not for the dearness allowance, shall be the additional family
pension. The aggregate of basic and additional family pension shall be
subject to a minimum of Rs.2292 p.m. and maximum of Rs.4784 p.m.
Provided
that on and from the 1st day of May 2005, in respect of employees who
retired on or after the 1st day of November 2002 but on or before the
30th April 2005, ordinary rates of family pension shall be in terms of
this clause.
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***NOW, CALCULATION OF FAMILY PENSION - rs.4211 to rs.8420 slab of pre Nov2002 retirees selected as max. no. of retirees in that range o/a spl vrs.
from B.P. of rs.4211 to rs.6310 the Minimum Pension of rs.1262 only applicable and from D.A calculator of
the DA is rs.3683.02.
MINIMUM PENSION + D.A. is TOTAL FAMILY PENSION in this case
FOR Basic Pension of rs8420 the Family Pension is rs.842 x 2 = 1684 + D.A.4914.59
= 6598.59.
---------------------------------
FOR FOR 2002-2007 RETIREES THE F.P. PEGGED AT 4,784
for, after 2007 retirees the F.P. PEGGED AT RS.5930. (see page 19 of pension amendment regulations as attached ).
IN THIS 2017 AMENDMENTS, THE LAST CATEGORY IS, AFTER 2007 RETIREES, NO FURTHER CATEGRORISATION OF 2007=2012 AND 2012-17.
ACCORDINGLY,
THE LAST BASIC PAY OF EXECUTIVE IS RS.85,000. AND WITH LATEST DA,
THE TOTAL IS RS.1,33,684.60.. SPECIAL PAY OF 9,330 not taken into
account as itis not a pension component,
AGASINST THIS THE MAXIMUM AND HIGHEST PENSION IS RS.9,055 bASIC + da FOR BANK FAMILYPENSIONERS.
AND, THOSE WHO INTERESTED IN RBI FAMILY PENSION DETAILS CAN VISIT THE FOLLOWING SITE.
***
IF THERE ANY DEVIATION IN CALCULATION METHOD OR TAKING IN FIGURES,
ANYBODY KINDLY POINT OUT AND GIVE CORRECT INFORMATION AS FAMILY PENSION
IS ANEW TO ME TOO. My caluculation based on hints from RBI pension
calculations.
= VBV RAMESH
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