ARE YOU A PRE- AUGUST 1997 RETIREE (CLASS
I RETIRED ATER 1/4/1993 OR CLASS II, III&IV RETIRED AFTER 1/8/1992) WITH
BASIC PENSION OF RS 2400/- OR LESS? THEN YOU HAVE TO PAY BACK TO LIC!
There was a serendipitous discovery
today by me when I received some calculations of interim relief in Excel format
from a senior retired officer of LIC who belongs to the pre-Aug 1997 retiree
category.
When
I went through his calculations
in one of the four charts sent by him, I was shocked to notice, that
according
to the method followed by LIC ( as done for depositing amounts at Jaipur
HC
Registry) a pre-August 1997 retiree Class I Officer at Basic Pension
2400/-(may be in the cadre of AAO) draws a negative interim relief of Rs -339/- upto
31/7/2015.It means he has to pay back Rs 339/- to LIC!
Is
it the reason that many pre-August
1997 retiree Class I Officers are yet to receive interim relief? Or
perhaps there are not many retired AAOs with such low Basic Pension.It
is a puzzle that only LIC can explain.
Is it an interim relief
or interim distress?
But
one thing is certain.the method followed by LIC is anomalous and LIC
cannot satisfy the Supreme Court that it has complied with their order
dt 7/5/2015 & The relevant calculations are given in the following table.
A. Existing Pension
DRAWN UPTO 31/7/2015
|
|
Existing Basic Pension
|
2400
|
DR per slab
|
8.4
|
No of months
|
216
|
Total amount of Basic Pension
|
518400
|
Total no of existing DR slabs
|
110292
|
Total DR
|
926453
|
Total Existing Gross Pension Received upto July 15
|
1444853
|
B.WHAT IS DUE AS AT 31/7/2015 ON 100% DR NEUTRALISATION
|
|
Revised Basic Pension on 1/8/1997
|
3643
|
DR per slab
|
8.3789
|
No. of months
|
216
|
Total no of slabs upto 31/7/2015
|
78324
|
Total DR upto 31/7/2015
|
656269
|
Total Revised Basic
Pension from 1/8/1997 to 31/7/2015
|
786888
|
Total Gross Pension from 1/8/1997 to 31/7/2015
|
1443157
|
Arrears due on 31/7/2015
|
-1696
|
Interim relief
|
-339
|
Greetings.
C H Mahadevan