Q 5: If anybody knows the formula to calculate Basic Pension, if the average of partly falls prior to 01.110.

2007 and partly after 01.11.2007?

10 months period

A: 8th Bipartite "Pay" to be taken as 124.66% of 8th Bipartite "Pay" and actual of 9th Bipartite "Pay" tobe taken for arriving at the average.

IBA has issued its Circular No. 1502 dated 13-10-2010 clarifying the method by which the Basic Pension has to be arrived at in such cases of retirees. Accordingly, while for the period from November, 2007, the revised Pay will be taken, for the months covered by pre-revised scales, the Pay will be notionally taken as actual Pay under old pay scales + DA thereon at 2836 points ( i.e. 24.66 % ).

EXAMPLE: A Special Assistant who retired on 30-11-2007 with 38 years of service ( Graduate/CAIIB with all stagnation increments)

As per 8th BPS a) Basic Pay b) Special Pay c) PQP d) FPP (Pay portion) e) Total Pay f) DA at 2836 pts @ 24.66 % 16,570 1,600 900 560 19,630 4,840.76 24,470.76

As per 9th BPS 23,900 2,180 1,230 800 28,110

g) Notional Pay

CALCULATION OF AVERAGE PAY/ BASIC PENSION:

A) Pay for the period from Feb. 2007 to October, 2007 months ) 24470.76 X 9

( for 9 2,20,236.84

B) Pay for the month of Nov. 2007 ( 1 month) Total for 10 months Average Pay Basic Pension ( 50 % of Average pay )

28,110.00 2,48,346.84 24,834 12,417

REVISION IN PENSION / COMMUTATION : For the Employees who have retired during the said period i.e. November, 2007 to July, 2008, the pension / commutation amount will be revised based on the above formula. Example: ( of the above case ) Old Average Pay Basic pension Commutation ( at factor 9.81 ) 19,630 9,815 3,85,140 Revised 24,834 12,417 4,87,2

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Q 6: During last ten months there are wage cuts due to strike.Will it affect my pension amount? A: No. Only eligible basic pay for last ten months is taken for calculation of pension and gratuity. There may be loss of pay also in those period. Some arrears of basic pay may also paid due to late sanction of increment etc., Hence a plus or minus from original or eligible basic pay will not affect the pension calculation. ========================================================================= Q 7: I have drawn Rs..13560/- as my last drawn basic pay and the average of my last 10 months basic is also Rs.13560/-. But I have also drawn FPP of Rs.340/ in/from Feb 2001,the month in which I got retired. Now my query is-- for the purpose of calculation of the basic pension which one has to be taken a ) Rs.13560+ Rs.340 = Rs.13900 or b) Rs.(13560x10 +340) /10 = Rs.13594

A: (b) is correct. ========================================================================= Q 8: I have taken VRS in 2000 and completed 17 years of service Sir, please appraise me whether I will be eligible for 5 years weightage for the purpose of calculating pension amount and commutation amount under the new wage settlement

A: 5 YEARS NOTIONAL SERVICE IS ADDED ONLY TO THOSE EMPLOYEES WHO HAVE COMPLETED 20 YEARS OF SERVICE AND TAKE VOLUNDARY RETITREMENT.