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[Cites 0, Cited by 0] [Section 41] [Entire Act]

Union of India - Subsection

Section 41(4) in Canara Bank (Employees') Pension Regulations, 1995

(4)The lump sum payable to an applicant shall be calculated in accordance with the Table given below:-Commutation values for a pension of Rs. one per annum
Age next Birthday Commutation value expressed as number ofyear's purchase Age next birthday Commutation value expressed as number ofyear's purchase
17 19.28 27 18.21
18 19.20 28 18.07
19 19.11 29 17.93
20 19.01 30 17.78
21 18.91 31 17.62
22 18.81 32 17.46
23 18.70 33 17.29
24 18.59 34 17.11
25 18.47 35 16.92
26 18.34 36 16.72
37 16.52 62 9.48
38 16.31 63 9.15
39 16.09 64 8.82
40 15.87 65 8.50
41 15.64 66 8.17
42 15.40 67 7.85
43 15.15 68 7.53
44 14.90 69 7.22
45 14.64 70 6.91
46 14.37 71 6.60
47 14.10 72 6.30
48 13.82 73 6.01
49 13.54 74 5.72
50 13.25 75 5.44
51 12.95 76 5.17
52 12.66 77 4.90
53 12.35 78 4.65
54 12.05 79 4.40
55 11.73 80 4.17
56 11.42 81 3.94
57 11.10 82 3.72
58 10.78 83 3.52
59 10.46 84 3.32
60 10.13 85 3.13
61 9.81    
Notes: 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. The commuted value in the case of an employee retiring at the age of fifty eight years is 10.46 years purchase and, therefore, if he commutes rupees one hundred from his pension within one year of retirement, the lump sum amount payable to him works out to Rs. 100 X 10.46 X 12 = Rs. 12,552;