Dear Shri K. PANDURANGA Rao.
You are partially correct.But we have to remember that while the loss is less,it is not nil.
The formula devised by LIC results in a figure of average emoluments for the last ten months before the date of retirement by taking two sets of figures which are not homogeneous.
The figures post-wage revision date carry a weightage after merger of DA with existing Basic Pay whereas the figures for the months prior to that date do not have such weightage.
An average so calculated with heterogeneous sets of figures cannot be truly representative of the correct emoluments for the last ten months unlike for the retirees whose last 10 months' period falls after ten months of the wage revision date.
The fair method that should be followed should be that which is followed in the case of Central Government employees,viz,the last 10 month's average basic pay or the last drawn basic pay whichever is advantageous to the pensioner.
The in- service employees' unions should negotiate with LIC Management to change the existing method in this respect.
You are partially correct.But we have to remember that while the loss is less,it is not nil.
The formula devised by LIC results in a figure of average emoluments for the last ten months before the date of retirement by taking two sets of figures which are not homogeneous.
The figures post-wage revision date carry a weightage after merger of DA with existing Basic Pay whereas the figures for the months prior to that date do not have such weightage.
An average so calculated with heterogeneous sets of figures cannot be truly representative of the correct emoluments for the last ten months unlike for the retirees whose last 10 months' period falls after ten months of the wage revision date.
The fair method that should be followed should be that which is followed in the case of Central Government employees,viz,the last 10 month's average basic pay or the last drawn basic pay whichever is advantageous to the pensioner.
The in- service employees' unions should negotiate with LIC Management to change the existing method in this respect.
Greetings.
C H Mahadevan
On Tuesday, November 17, 2015, Panduranga Rao Kappagantula <praokappagantula@gmail.com> wrote:
On Tuesday, November 17, 2015, Panduranga Rao Kappagantula <praokappagantula@gmail.com> wrote:
Dear Sir,
Regarding above I would like every one to see instructions issued by central office after wage revision as at 01.08.2007. Where last ten months are not covered by revised basic, it was made clear that earlier months BASIC is to be taken as old BASIC PLUS DEARNESS ALLOWANCE AS PER OLD FORMULA as on that date.
If this formula is applied, the loss is likely to be nil.
I am writing to you because, I am unable to communicate with pensioners chronicle.With regardsK. PANDURANGA Rao
