LIC GROUP MEDICLAIM SCHEME GUIDE

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Wednesday, 7 September 2022

Retirement Benefits power point prepared by a Faculty Member has some mistakes

Sir,
Retirement Benefits power point prepared by a Faculty Member has some mistakes viz.
1. Gratuity calculation under Staff Rules for Class III/IV on Page 8 is wrong.
In the present example quoted by him works out to 
(119280+2645)×20 
= *Rs.24,38,500-00.*
2. On Page 16, interest rate is shown as 8% . Where as 11%, 10% interest rates were also there for some period.
3. Calculation of Basic Pension on Page 17 is also wrong. *He has NOT ROUNDED OFF TO NEXT HIGHER RUPEE.*
4. In the given example on the same page, the commuted portion for his calculation of Basic Pension is wrong. *Here instead of Rounding it to the Lower Rupee, he has rounded it to nearest rupee.*

At a cursory glance I could notice these things. 

C T JOSHI 

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