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Union of India - Section

Section 39 in Nagaland Rural Bank (Employees') Pension Regulations, 2018

39. Commutation.

(1)An employee shall be entitled to commute for a lump sum payment of a fraction not exceeding one-third of his pension:Provided that in respect of an employee who was in service before the effective date but died after his retirement before the notified date, the family of such employee shall also be entitled to commute for a lump sum payment a fraction not exceeding one-third of the pension admissible to the employee.
(2)An employee 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.
(3)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.
(4)The lump sum payable to an applicant shall be calculated in accordance with the Table given below:Commutation values for a pension of one rupee per annum
Age next birthday Commutation value expressed as number ofyear's purchase Age next birthday Commutation value expressed as number ofyear's purchase
(1) (2) (3) (4)
17 19.28 35 16.92
18 19.20 36 16.72
19 19.11 37 16.52
20 19.01 38 16.31
21 18.91 39 16.09
22 18.81 40 15.87
23 18.70 41 15.64
24 18.59 42 15.40
25 18.47 43 15.15
26 18.34 44 14.90
27 18.21 45 14.64
28 18.07 46 14.37
29 17.93 47 14.10
30 17.78 48 13.82
31 17.62 49 13.54
32 17.46 50 13.25
33 17.29 51 12.95
34 17.11 52 12.66
53 12.35 69 7.22
54 12.05 70 6.91
55 11.73 71 6.60
56 11.42 72 6.30
57 11.10 73 6.01
58 10.78 74 5.72
59 10.46 75 5.44
60 10.13 76 5.17
61 9.81 77 4.90
62 9.48 78 4.65
63 9.15 79 4.40
64 8.82 80 4.17
65 8.50 81 3.94
66 8.17 82 3.72
67 7.85 83 3.52
68 7.53 84 3.32
    85 3.13
Notes: 1. The table above indicates the commuted value of pension expressed as number of years' purchase with reference to the age of the pensioner as on his next birthday.