Government has improved the pension of the central government pensioners giving them substantial rise than the pay panel had demanded.
An important benefit approved by the union cabinet is raising the gratuity limit to Rs 10 lakh, higher pension for octogenarians, exclusion of earned leave encashed while in service from the overall limit, clubbing of earned leave and half-day pay leave for encashment.
Octogenarians will now be paid an additional 20 per cent of their basic pension, while those aged 85 will get 30 per cent more, rising to 100 per cent additional pension for centurions.
To get an idea of the quantum of hike, a person with a basic pension of Rs 10,000 — who used to get Rs 22,050 in hand — will now receive a total pension of Rs 26,216. The new rates are effective from January 2006 and the arrears will be given out in two instalments — 40% during the current fiscal, 60% in 2009-10.
On voluntary retirement front too the government officials who wanted to quit their job or retire voluntarily had never had it so good and enticing. It will be like having the cake and eating it too.
In fact the sixth pay commission has all the charms to both entice the government officials to be in job and/ or also prompt him to leave his well paying job.
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