Shri C H Mahadevan may find Shri Sudhakaran's answer right: adding not more than 5 years which does not take a retiree beyond superannuation age of 60. He may appreciate that the answer is on the expected lines.
Shri Mahadevan had indirectly said not to expect the best of the both worlds. Best of pre and post pay revisions.
On simple calculation, Shri K. Vijayaprasad, ADM retired at the maximum on 31-08-2012, going to get Rs.475942/- : difference between the commutation amount already received based on pre revised pay and revised pay. If he invests the amount in 9.30% SCSS,(Rs.442262/- minus 200000/- to return to LIC - I corrected after reading his letter) say, Rs.240000/- ; interest of Rs.22320/- per annum on quarterly basis. It works out to Rs.1860/- p.m. It is as against Rs.4580/- less after commutation or Rs.537/- before commutation of pension that he is (likely) to suffer from August, 2015.
A rough calculation revealed that his loss in pension before commutation will off set just before 01-08-2017, the date of next pay revision. This is a silly exercise : just done to give vent to feelings.
Life is a compromise with reality. Death is the only woman who does not leave you : Picasso.
Shri Vijayaprasad may better consider loss in his pension before commutation.
Nothing could be done to the loss, such losses, unless and until the updating of pension is approved.
Sorry, there can be no immediate remedy to the problems of Shri Vijayaprasad. The loss would be comparatively less for who retired in Jan. 2013 to April, 2013 or no loss to who retired on 31-08-2012, till next revision of pay scales.: this is valid in respect of ADMs at par with Shri Vijayaprasad.
As rightly voiced by Shri Vijayaprasad some thing has to be done by the leaders. The leaders of the retired employees have been fighting court cases for last twelve years without success till date. The leaders of the in service employees may swing into / take spirited / vigorous action for their seniors.
17000 staff of RBI all over India are going on mass C.L. on 19-11-2015. (Report posted in PC). They are on other agitational programmes also. One of the reasons is pension updation.
There are about 125000 employees in LIC and about 650000 employees in PSBs excluding SBI.
The United Forum of Four Unions of RBI representing 17000 employees are going on CL. They would go on strike, if need be, all for sake of their elders.
Hoping that the leaders of serving employees of LIC and banks will take positive steps to ameliorate the hardships faced by their retirees.
I end the note with acknowledgment that some leaders have recently discussed pensioners problems with the Top Management.