DO YOU KNOW?
Any employees retired between 1/8/1992 and 31/7/1997 at a Basic
Pension of Rs 2449 or less will be getting only Re1/- or Rs 2/- as
40% Interim Relief?
That will be the the amount payable according to the method followed by LIC.
For a retiree with Basic Pension Rs 2449/- the difference is
marginally positive only for the first 12 months from August 1997 and
it is negative for the remaining 212 months upto March 2016.
Such a pensioner will get 2.85x0.40=1.14 or Rs2/- rounded to the next
higher Rupee.LIC will of course not ask for recovery of 40% of
the negative differences ranging from 0.51 to 21.71 for the remaining
121 months.That is a saving grace.
Did Supreme Court intend to give such an interim relief?
Greetings.
C H Mahadevan
Sunday, 15 May 2016
40% IR for pre August 1997 retirees
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