This calculator displays the amount* of family pension payable (basic pension + DA ) to the family of the deceased bank employee as per last DA revision i.e. Feb'2023Jul'23 - In respect of employees (both officers and workmen) (other than part-time employees) Retired / Retires on or after 01.11.2002* or unfortunate death while in service.
Presently family pension is payable at the slab rates of 15 per cent, 20 per cent and 30 per cent for different categories of pensioners. On the recommendation of Indian Banking Association (IBA), Govt. wide notification F.No. 1/1/2019-IR dated 25.08.21 revised the bank employee's family pension at uniform slab of 30 per cent of last drawn salary, without any fixed cap.
It will be the same as the Service pension of the pensioner (To calculate service pension visit at https://maxutils.com/bws/basic-pension or Click Here ). The enhanced eligible Family pension would be at maximum to 50% of average emoluments drawn by the deceased/retired employee, subject to the years of service rendered in bank. (This is because that the twice the rate of ordinary pension i.e., 60% should not exceed the service pension is sanctioned to the pensioner. Service pension is sanctioned based on average emoluments and not on last drawn pay)
|FD-RD-Crorepati-ELSS-SIP Calculator:In One Page|
|Bank Pensioner Expected DA Calculator|
1. Minimum pension calculated here is as revised with effect from 01.05.2005 in respect of retirees of the period 01.11.2002 to 30.04.2005.
2. "Pay" includes:- In relation to an employee who retired or died while in service on or after the 1st day of April, 1998 - The basic pay including stagnation increments, other components of pay and Fixed Personal Allowance with all other components of pay counted for the purpose of making contributions to the Provident Fund and for the payment of dearness allowance in terms of the scales of pay.
3. The Family pension calculation displayed above is as per Pension Regulations, 1995 for Bank employees other than SBI employees.
4. The amount calucutated above is tentative amount and may not be inclusive of additional pension which is calculated on the allowances which are counted for making contributions to Provident Fund. Dearness relief is not payable on additional family pension. Therefore the family pension calculated as above may differ for the employees were in reciept of such allowances.
(1) Without prejudice to the provisions contained in Pension Regulations 1995 where an employee dies
(a) after completion of one year of continuous service; or
(b) before completion of one year of continuous service provided the deceased employee concerned immediately prior to his appointment to the service or post was examined by a medical officer approved by the Bank and declared fit for employment in the Bank; or
(c) after retirement from service and was on the date of death in receipt of a pension, or compassionate allowance; the family of the deceased shall be entitled to family pension. Provided that in respect of employees who were in the service of the Bank on or after the 1st day of January, 1986 and had died while in service on or before the 31st day of October, 1987 or had retired on or before 31st day of October, 1987 but died later, the family of the deceased shall be entitled to family pension.
In the event of death of an employee after retirement, the rate of family pension payable to the family shall be equal to fifty per cent of the pay last drawn or twice the family pension admissible, whichever is less, of this sub-regulation shall be payable for a period of seven years or for a period upto the date on which the retired deceased employee would have attained the age of sixty five years had he survived, whichever is less.
Provided that in no case the amount of family pension determined under this clause shall exceed the pension authorised on retirement from the Bank. If the pension authorised to the employee on his retirement is less than the amount of family pension at the ordinary rates, then, the family shall be allowed family pension at the ordinary rates.
Explanation: For the purpose of this sub-clause, "Pension authorised on retirement" includes part of the pension, which the retired employee might have commuted before death.
(Please Nore - In respect of employees who retired or died while in service during 01.11.2002 - The Basic Pension for calculation of Family Pension payable clauculated here as payable from 01.05.2005, in respect of employees who retired or died while in service on or after 01.11.2002)
This website requests users to inform in case any error in calculation noticed for rectification of the same and also for any updation in pension calculation is revised and not incorporated here in calculations.
Maxutils.com does not make any claim that the information / calculations provided on its pages is correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. 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.