Commutation of pension percentage reduced from 40% to 20% for Pb employees
(News posted on: 23 Apr 2013)
By Gagandeep Sohal
Chandigarh, April 23 : Giving a blow to the recently retired employees Punjab Govt has decided that the employees retiring on or after April 1st 2013, will now be entitled to commute pension equivalent to 20 percent of their basic pension instead of 40 percent. Earlier as per instruction a Govt employee was entitled to commute for a lump sum payment upto 40 percent of pension.
In a communication issued by the Finance Department, it has been stated that these instructions will also be applicable to the employees who are on one year's extension and retiring on or after April 1, 2013. Besides this the employees who retired before April 1, 2013, but have not applied for the commutation of pension as yet due to any reason are also covered in this decision.