Central Government Approves Changes in Pension Revision Formula: 7th Pay Commission, this is the good news for 55 lakh pensioners. Modification formula is recommended by the 7th pay commission panel, but this is not feasible to implement on account of non availability of records in a large number of pensioners. So old pension scheme formula recommended by 7th CPC panel needs some modification. Article cover 7th pay commission latest news about pensioners.
Central Government Approves Changes in Pension Revision Formula: 7th Pay Commission
Highlights of the Changes in the Pension Revision Formula approved by Central Government of India is given below.
On Wednesday Union Cabinet approved important proposal from unions of pensioners and review committee to modifications in the 7th CPC recommendations on pay and pensionary benefits in the course of their implementation.
Benefits of this modification will be available with effect from 01 January 2016, with the date of implementation of 7th Pay Commission.
This revision is also applicable to family pensioners also.
This revision was suggested by the committee chaired by Secretary Pensions and approved by the cabinet.
It will benefit over 55 lakh pre-2016 civil and defense pensioners and family pensioners.
This revision for pensioners and family pensioners put additional expenditure of approx Rs 5031 crore for 2016 – 17.
This revision is made based on information contained in the PPO Pension Payment Order issued to every pensioners at the time of retirement.
This revised option is more feasible than recommended by 7th Pay Commission Panel.
Cabinet has also approved the retention of percentage based regime of disability but 7th pay commission panel recommended slab based system.
Article Title: Central Government Approves Changes in Pension Revision Formula: 7th Pay Commission