Sri CH.Mahadevan Sir has opinioned that the loss in difference of pension likely to be incurred by me is almost negligible and I need not worry about it. In this regard I would like to bring to his and our friends’ notice a few following facts which are worrying my mind.
Pension is not a bounty but it is gratitude payment by the employer paid for employee’s hard work rendered during his service period. So naturally employee feels rest assured about his present and future pension quantum.
In India especially in case of central government and state government employees when ever revised pay scales are implemented for their in service employees, automatically pension retirees are getting upward revised pensions without their asking, to meet the enhanced needs and devaluation of money.
Generally wage revision means, so far, it is a boon to existing employees because they are in a position to demand and get higher emoluments. Thereby after wage revision [PRC] employees’ take home pay will get increased to some extent, if not upto their full satisfaction. Likewise all retirees [pensioners] are getting enhanced pensions to meet the increased needs with the advancement of old age and inflation.
As a common pensioner I have been waiting for the revision of wages since three long years expecting to get enhanced pension. As I happen to be an employee of the corporation as on the date of implementation of wage revision [which is effective retrospectively] I have felt I would also get the benefit of enhanced weightage of 13.5% in pension. In fact I am ambitiously waiting to get some quantum of arrears of pension.
But alas, to my utter disappointment the proposed wage revision as given a shock to me. A person expecting a good raise of about Rs.5000/- p.m. and arrears to the tune of about Rs.2,00,000/- for 36 months period, is likely to get a loss of Rs.5000/- per month from his pension and also likely to pay back around Rs.2,00,000/- to the corporation, is really a great set back to his mind. After all human nature is expect GAINS but not LOSSES.
Sri Mahadevan Sir has consoled me by telling that I would get the commutation about Rs.12.64 Lakhs but out of this I have already drawn Rs.7.88 Lakhs at the time of retirement. From the balance of the commutation of Rs.4.76 Lakhs. I have to pay nearly about Rs 2 Lakhs towards loss of pension for 36 months. So I can invest only rest of the commutation in banks. Our respected sir has given calculation of Rs.8,427/- per month interest on my total commutation. Even if we assume I have deposited this entire amount in bank to get Rs.8427/- pm interest, I have to pay 20% income tax on it [which comes to Rs.1685/-]. So the net what I get would be only Rs.6742/- per month on fixed deposit of commutation.
But practically it is not possible. Every retiree pensioner [person] would have his own personal problems and commitments. To save that much amount is very difficult for many people of common standards
As per fundamental rights, no pensioner should get less amount of pension consequent upon the revision of pay scales, even if it is a small amount.
At the time of last wage revision gazette notification the corporation has certified that no employee would get affected adversely because of the retrospective notification.
So I request our pensioners leaders to insist the corporation to amend the pension rules suitably not to affect the pensioners adversely [retrospectively]. After all we have copied our pension rules from government pension rules. But our corporation has not adopted their good rules like 50% of terminal basic pay for calculation of pension, instead of average 10 months basic pay.
Sir why our elderly pensioners are looking for and expecting revision of their pension scales as and when wage revision occurs, is only with a good hope to get increased pensions.
Sir in my case after three years, loss come down to Rs.4580/- from Rs.5200/- That is I could get only Rs.620/- amount towards tapering off. In this situation to get taper off of Rs.4580/- loss, how many years it would take no body knows.
Instead of getting a jump of Rs.5000+, to incur a loss of Rs.5000+, and wait for a longer period to taper off is very pathetic and painful. Moreso how can my pension will restore to present level and when is a thoughtful question.
Mahadevan sir says in 2027 I can get back the commuted amount back to my pension. But who can see the future and who can predict the longevity. The purpose of commutation is to avoid unexpected contingencies only.
Sir I request all of my esteemed friends to ponder over this odd situation and be sympathetic to put pressure on authorities to rectify the anomalies.
Thanking you sir,