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Friday, November 13, 2015

NOIP MEMORANDUM


Referring to the letter of Mr Ashok Joshi, we can definitely contest the method of revision of pension for pensioners who retired between August 2012 and April 2013 as they are at a disadvantage compared to those who retired In May 2013 or later.

But it is not possible to accept that there is a loss in pension net of commutation on account of revision. When we compare the pre- revision & post-revision net pensions, we should not leave out the revised commuted value of one-third of revised gross pension which is substantial. If we add monthly interest at 8% p.a on the total revised commuted pension, then there will be no loss to the retiree. Beisides, the commuted pension will be restored after 2027-2028 (when by the grace of God, the pensioner is surviving).

So,the retiree Federations should focus on removal of anomalies in wrong fixation formula rather than focusing on the apparent loss in net pension.

Greetings.
C H Mahadevan