"a revised Pension Formulation for the Civil Employees as well as Defence Personnel who have retired before 1st January 2016. This Formulation will bring about PARITY between past Pensioners and Current Retirees for the same length of service in the pay scale at the time of retirement" Justice Mathur explained.
"Past Pensioners will first be placed in the proposed Pay Matrix on the basis of where they stood in the existing pay band and pay grade structure when they retired. This amount is to be raised to arrive at the Notional Pay of Retirees taking into account the number of increments they earned in that level while in service at the rate of 3%.
50% of the total amount arrived at in this manner will be the New Pension."
A VERY GOOD NEWS FOR US. It is like a silver lining in the dark clouds. We are also fighting For Pension Parity in LIC. This news will certainly be a shot in our arms and certainly strengthen our just cause and help our Counsels to argue our case with redoubled vigour. The GOI would be fighting a losing battle in the hearing coming up on 24th inst in the light of the Pay Commission's Recommendation for PENSION PARITY.