Section 35 in Canara Bank (Employees') Pension Regulations, 1995
35. Amount of Pension.
- [(1) Basic Pension and additional pension, wherever applicable, shall be updated as per the formula given in Appendix] [Amended w.e.f. 30.11.2002 ref Circular No. 265/2002, dated 24.12.2002](2)In the case of an employees retiring in accordance with the provisions of the Service Regulation or Settlement after completing a qualifying service of not less than thirty three years the amount of basis pension shall be calculated at fifty per cent. of the average emoluments.(3)(a)Additional pension shall be fifty per cent of the average amount of the allowance drawn by an employee during the last ten months of his service;(b)no dearness relief shall be paid on the amount of additional pension.Explanation. - For the purpose of this sub-regulation "allowance" means allowance which are admissible to the extent counted for making contributions to the Provident Fund.(4)Pension as computed being aggregate of sub-regulations (2) and (3) above shall be subject to the minimum pension, as specified in these regulations.(5)An employee who has commuted the admissible portion of his pension as per the provisions of regulation 41 of these regulations shall receive only the balance of pension, monthly.(6)(a)In the case of an employee retiring before completing a qualifying service of thirty three years, but after completing a qualifying service of ten years, the amount of pension shall be proportionate to the amount of pension admissible under sub-regulation (2) and (3) and in no case the amount of pension shall be less than the amount of minimum pension specified in these regulation.(b)Notwithstanding anything contained in these regulations the amount of invalid pension shall not be less than the ordinary rate of family pension which would have been payable to his family in the event of his death while in service(7)The amount of pension finally determined under this regulation shall be expressed in whole rupee and where the pension contains a fraction of a rupee it shall be rounded off to the next higher rupee.
