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12. Monthly member's pension.- A member shall be entitled to:—

(a) superannuation pension if he has rendered eligible service of 10 years or more and retires on attaining the age of 58 years ;

(b) early pension, if he has rendered eligible service of 10 years or more and retires or otherwise ceases to be in the employment before attaining the age of 58 years.

(2) In the case of a new entrant, the amount of monthly superannuation pension or early pension, as the case may be, shall be computed in accordance with the following factors, namely:-

Monthly member pension =

Pension salary x pensionable service

70

(3) In the case of an existing member in respect of whom the date of commencement of pension is after the 16th November, 2005—

(i) superannuation or early pension shall be equal to the aggregate of:–

(a) pension as determined under sub-paragraph (2) for the period of pensionable service rendered from the 16th November, 1995 or Rs. 635 per month whichever is more;

(b) past service pension shall be as given below:—

The past service pension payable on completion of 58 years of age on the 16th November, 1995:

S. No.

Years of past service

Salary upto Rs. 2,500 per month

Salary more than Rs. 2,500 per month

 

(1)

(2)

(3)

(i)

Up to 11 years

80

85

(ii)

More than 11 years but upto 15 years

95

105

(iii)

More than 15 years but less than 20 years

120

135

(iv)

Beyond 20 years

150

170

The amount under column (2) or column (3) above, as the case may be, shall be multiplied by the factor given in Table "B" corresponding to the period between the 16th November, 1995, and the date of exit to arrive at past service pension payable.

(ii) The aggregate of (a) and (b) calculated as above shall be subject to a minimum of Rs. 800 per month, provided the eligible service is 24 years. Provided further, if it is less than 24 years, the pension as computed above shall be reduced proportionately subject to a minimum of Rs. 450 per month.

(4) In the case of an existing member and in respect of whom the, date of commencement of pension is between the 16th November, 2000, and the 16th November, 2005 —

(i) superannuation or early pension shall be equal to the aggregate of:—

(a) pension as determined under sub-paragraph (2) for the period of service rendered from the 16th November, 1995 or Rs. 438 per month whichever is more;

(b) past service pension as provided in sub-paragraph (3).

(ii) The aggregate of (a) and (b) calculated as above shall be subject to a minimum of Rs. 600 per month, provided the eligible service is 24 years. Provided further, if it is less man 24 years the pension shall be proportionately less subject to the minimum of Rs. 325 per month.

(5) In the case of an existing member and in respect of whom the date of commencement of pension is before the 16th November, 2000,—

(i) superannuation or early pension shall be equal to the aggregate of:—

(a) pension as determined under sub-paragraph (2) for the period of service rendered from the 16th November, 1995 or Rs. 335 per month whichever is more;

(b) past service pension as provided in sub-paragraph (3).

(ii) The aggregate of (a) and (b) calculated as above shall be subject to a minimum of Rs. 500 per month, provided the eligible service is 24 years. Provided further, if it isles than 24 years the pension shall be proportionately lesser but subject to the minimum of Rs. 265 per month.

(6) Except as otherwise expressly provided hereinafter, the monthly member's pension under sub-paragraphs (2) to (5) mentioned hereinabove, as the case may be, shall be payable from a date immediately following the date of completion of 58 years of age notwithstanding that the member has retired or ceased to be in the employment before the date.

(7) A member, if he so desires, may be allowed to draw an early pension from a date earlier than 58 years of age but not earlier than 50 years of age. In such cases, the amount of pension shall be reduced at the rate of three per cent of every year the age falls short of 58 years.

 

 

 

 

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