"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.
J.M ABOOBUCKER