It is too bad, so sad in LIC "
Kindly compare the family pension details given by Shri C.H. Mahadevan in respect of family pensioners of LIC with few details of family pensioners of GOI and RBI enumerated below.
(A) Consequent to the recommendations made by the 5th Central Pay Commission, the rates of family pension have been increased 30% of the last pay drawn for all.Family pensioners of GOI get 30 % of the last pay drawn from 01-01-1996.
The unmarried/divorced daughters are eligible for family pension without any age limit. Conditions for payment of family pension at enhanced rates have also been liberalized so that it is payable for a period of 7 years.
(B) Consequent to the recommendations made by the 6th Central Pay Commission, the GOI has increased the quantum of pension to very old pensioners (80, 85, 90, 95, and 100 year old) as also the family pension payable to similarly old family pensioners from 01-01-2006.
Additional quantum of pension / family pension is as under :
80 years - 20% of basic pension / family pension
85 years - 30% of basic pension / family pension
90 years - 40% of basic pension / family pension
95 years - 50% of basic pension / family pension
100 years - 100% of basic pension / family pension
(C) The pensioners and family pensioners of GOI get 100% neutralisation in DA/DR on full basic pension/ family pension including on the additional quantum of pension / family pension.
The dearness relief payable to the Family Pensioners (and Pensioners) has been increased from 90 % to !00% from 01-01-2014. There in no tapering of DA/DR( dearness allowance or relief) in GOI and RBI as is the case with pre 1997 LIC and pre 2002 Bank pensioners.
GOI employees, pensioners and family pensioners are shortly to get the bonanza of merger of DA/DR with basic pension.
(D) Family pensioners of RBI get 30 % of the last pay drawn (refixed /revised /enhanced to 01-11-2007 revision at 2836 point-in short) from 12-01-2012 (See correction note below). The very old pensioners and family pensioners (80....100 year old) do not get additional quantum of pension/family pension.
The position of family pensioners in banks is no better.
May the Unions/Associations of both Retired and Serving Employees of LIC and Banks kindly do their best and at the earliest to their family pensioners, some of them living in difficult financial conditions.
SN, a 1992 pensioner,
29-03-2014.
Correction: In Para. (D) of the write up Family pension" Too Bad, So Sad in LIC", the date from which family pensioners of RBI started getting 30 % (the last pay...)is wrongly mentioned as from 12-01-2012; actually the correct date is 12-01-2013.