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Friday, 13 May 2016

GENERAL QUERIES & CLARIFICATIONS ON 40 % IR

Dear All LIC pensioners,
1. DO Karnal has released payment today as informed by Manager(OS) just now.DO Karnal released IR to 104 pensioners.
2. No work sheet has been prepared as on date.They have prepared a summary statement for crediting the amount to the accounts of the pensioners.
3. As per my calculation any pensioner/family pensioner getting basic pension of Rs1279 or less in Group I and Rs 2449 in Group II no IR is payable.
   If pension is Rs 1279, IR isRs - 5.00 & for basic pension 1280, IR is 40% of Rs213 in Group I and Group II for Rs 2449 IR is minus Rs 243 and for Rs 2450, IR is 40% of Rs33.
4.I have today calculated 40% IR of a close friend of mine who retired as BM on 30.11.1990
  with basic pension of Rs2325 as 27002 and his account is credited with Rs 27172 due to    monthly rounding off.
5. I talked to dealing person who explained that the list is system generated and I asked for a work sheet of any one, he expressed his inability.
6. DR slabs as on 01.08.1997 are taken 285 for pre 8/92/3/93 and 148 for pre 8/97 for the purpose of merging of DR as on 01.08.1997.
    DR per slab an on the date of retirement is to be multiplied by 285 or 148 as the case may
be.
  
7. Total DR slabs for Group I from 01.08.1997 to 31.03.2016 are 150600 for which DR stood received and Revised DR slabs for so  upgraded pension for the same period are 86760.
     Total DR slabs for Group II from 01.08.1997 to 31.03.2016 are 119912 for which DR stood received and Revised DR slabs for so  upgraded pension for the same period are 86760.
 8.  The simple formula used by me for Group I Pensioners is:-
[224*revised basic pension+86760* revised DR/slab]-[224*existing basic pension+150600*old DR/slab]
(i)Revised basic pension=[(existing basic pension+285*DR/slab) (rounding up/down)], (ii)Revised    DR/slab=[Revised basic pension*0.0023]
 and  for Group II the simple formula is as under:-
[224*revised basic pension+86760*revised Dr/slab]-[224*existing basic pension+119912*old DR/slab]
(i)Revised basic pension=[(existing basic pension+148*DR/slab) (rounding up/down)], (ii)  Revised DR/slab= [Revised basic pension*0.0023]

9.. For verification of any case, please do the above exercise or send the details to me.

with regards,
rksahni

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