Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Section 23] [Entire Act]

Union of India - Subsection

Section 23(17) in State Bank of India Employees Pension Fund Regulations, 2014

(17)
(a)Commutation of pension.- An employee who retires from the Bank's service on or after the 1st January, 1986 shall be entitled to commute upto a lump sum payment of a fraction not exceeding one-third of his pension with effect from the 1st November, 1994 or on any subsequent date, from which he becomes eligible for commutation:
(b)An employee who retires from the Bank's service shall indicate the fraction of pension which he desires to commute and may either indicate the maximum limit of one-third pension or such lower limit as he may desire to commute;
(c)If fraction of pension to be commuted results in fraction of rupee, such fraction of a rupee shall be ignored for the purpose of commutation;
(d)the lump sum payable to an applicant shall be calculated in accordance with the table given below :-
TABLE
Commutation Value for a pension of Re One perannum
Age next birthday Commutation value expressed as number ofyear's purchase Age next birthday Commutation value expressed as number ofyear's purchase
17 18.21 18 18.07
19 17.93 20 17.78
21 17.62 22 17.46
23 17.29 24 17.11
25 16.92 26 16.72
27 16.52 28 16.31
29 16.09 30 15.87
31 15.64 32 15.40
33 15.15 34 14.90
35 14.64 36 14.37
37 14.10 38 13.82
39 13.54 40 13.25
41 12.95 42 12.66
43 12.35 44 12.05
45 11.73 46 11.42
47 11.10 48 10.78
49 10.46 50 10.13
51 9.81 52 9.48
53 9.15 54 8.82
55 8.50 56 8.17
57 7.85 58 7.53
59 7.22 60 6.91
61 6.60 62 6.30
63 6.01 64 5.72
65 5.44 66 5.17
67 4.90 68 4.65
69 4.40 70 4.17
71 3.94 72 3.72
73 3.52 74 3.32
75 3.13 76 2.94
77 2.75 78 2.56
79 2.38 80 2.20
81 2.02 82 1.84
83 1.67 84 1.50
85 1.33    
Explanation. - For the purposes of this sub-regulation-