LIC OF INDIA,
Mumbai
Dear Sir,
Re: DA payable from May,2014 to July,2014 in service employees
I request you to kindly personally looked into the above matter. I place the following facts for your kind perusal.
I hereby attach the circular issued by The Indian Bank Association. I also attach an extract from LIC CLASS I OFFICERS RULES,1985 regarding calculation of DA SLABS on rise or fall in the quarterly average CPI-IW Base 1960=100.
The quarterly average CPI works out as 5432.56.There is fall in CPI. The quarterly average=(237+238+239=714/3)=238*4.63*493 = 5432.56(at base 1960=100)
I quote from the DA provisions:- "On the downward revision, the dearness allowance payable shall correspond to the current average figure if such current average figure is a figure in the above sequence; and the dearness allowance payable shall correspond to the figure in the above sequence next preceding the current average figure if such current average is not a figure in the above sequence----"
Since the current average figure ie 5432.56 is not a figure in the series 2944-2948-----5428-5432-5436,hence the DA shall correspond to the figure next to the figure preceding the current figure ie 5436.
The fall of 5500-5436=64/4 =16 slabs.
There is no provision of rounding up or down.
I am now a pensioner. Although it does not affect the pensioners, I am following up because the LIC has not correctly calculated the same.
The Indian Bank Association has done it correctly.
I request you, Sir, to kindly personally look into the above matter.
