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Calculate Bank Retiree after Nov'12 Pension with and without Special Allowance as Part of Pay for Pension Calculations

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Special Allowance - A new component of salary was introduced in 10th Bipartitite / salary revision payabel from Nov'12. Special allowance for workmen and officer upto scale III is payable @7.75%, Officer scale IV/V @10% and oficer scale VI/VII @11%. DA is payable to bankers on Special Allowance. It is unfortunate that the negotiating team agreed in wage negotiations that this component of salary will not be recknoned a part of salary for the payment of terminal dues / pension calculation.

Please note that this is the first wage settlement wherein it was agreed that a component of salary where DA is payable and it will not be considered a part of salary for purpose of pension calculation.

Now a days why not this component be a part of Pension Calculation is a quite hot topic in Social Media. Maxutils.com also feels why the bank pensioners are treated differently in India and why their pesnion is not being revised on wage revisions whereas in the same country the pension of retirees of Central Govt. employees is being revised at the time of revision of salary ral Govt. Employees

Maxutils.com provides hereunder a calculator for the bank retirees who have retired / VRS optee after Nov'12 showing Pension calculation with the amount of difference they would may have been reciveing in monthly pension and commutation amount if Special Allowance is included in pay for the purpose of pension calculations. View Disclaimer of this calculations

Scroll down to view your calculations and disclaimer about this calculations.

Disclaimer This website do not claim the above calculation may become payable to the pensioners or inclusion of Special Allowance is under consideration as a part of pay for the purpose of payment of terminal dues. The contents of this site cannot be treated or interpreted as a statement of law or as a document to be placed before an authority / office. Visitors are advised just check and view the payment of monthly pension can effect by inclusion or exclusion of a particular amount of salary component. Please note that in case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

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