Section 23(2) in State Bank of India Employees Pension Fund Regulations, 2014
(2)The maximum pension shall not exceed one-half of the average monthly substantive salary drawn during the last twelve months pensionable service or rupees two thousand four hundred per month (pro-rata in the case of part time employees) whichever is less:Provided that the maximum amount of pension shall be increased for the members who retired or retire on or after the 1st November, 1993 from rupees two thousand four hundred per month to rupees four thousand two hundred fifty per month (pro-rata in the case of part-time employees) after adjustment of dearness allowance on the basic pay upto 1148 points in the quarterly average of the All India Working Class Consumer Price Index (General) Base 1960=100:Provided further that with effect from the 1st March, 1999 the maximum amount of pension for the members who retired or retire drawing substantive salary in the Pay Scales effective from the 1st November, 1992 (Award Staff) or the 1st July, 1993 (Supervising Staff) and thereafter shall be computed till further amendments in this regard, as under-(a)where the average of monthly substantive salary drawn during the last twelve months' pensionable service is upto rupees eight thousand five hundred per month, fifty per cent. of the average of monthly substantive salary drawn during the last twelve months' pensionable service (pro-rata in the case of part-time employees); and(b)where the average of monthly substantive salary drawn during the last twelve months' pensionable service is above rupees eight thousand five hundred per month, forty per cent of the average of monthly substantive salary drawn during the last twelve months' pensionable service subject to minimum of rupees four thousand two hundred fifty (pro-rata in the case of part-time employees):Provided also that with effect from the 1st May, 2005, the maximum amount of pension for the members who retired or retire drawing substantive salary in the Pay Scales effective from the 1st November, 2002 shall be computed till further amendments in this regard, as under-(a)where the average of monthly substantive salary drawn during the last twelve months' pensionable service is up to rupees twenty one thousand forty plus Professional Qualification Pay plus Fixed Personal Pay per month, fifty per cent of the average of monthly substantive salary drawn during the last twelve months' pensionable service (pro-rata in the case of part-time employees); and(b)where the average of monthly substantive salary drawn during the last twelve months' pensionable service is above rupees twenty one thousand forty plus Professional Qualification Pay plus Fixed Personal Pay per month, forty per cent of the average of monthly substantive salary drawn during the last twelve months' pensionable service subject to minimum of rupees ten thousand five hundred twenty plus half of Professional Qualification Pay plus half of Fixed Personal Pay wherever applicable (pro-rata in the case of part-time employees):Provided also that with effect from the 1st November, 2007, the maximum amount of pension for the members who retired or retire drawing substantive salary in the pay scales effective from the 1st November, 2007 shall be computed till further amendments in this regard, as under:(a)Where the average of monthly substantive salary drawn during the last twelve months pensionable service is up to rupees thirty one thousand five hundred per month at fifty per cent. of the average of monthly substantive salary drawn during the last twelve months pensionable service plus half of Professional Qualification Pay plus half of increment component of Fixed Personal Pay, wherever applicable (pro-rata in the case of part-time employees);(b)Where the average of monthly substantive salary drawn during the last twelve months' pensionable service is above rupees thirty one thousand five hundred per month at forty per cent. of the average of monthly substantive salary drawn during the last twelve months' pensionable service subject to minimum of rupees fifteen thousand seven hundred fifty plus half of Professional Qualification Pay plus half of increment component of Fixed Personal Pay, wherever applicable (pro-rata in the case of part-time employees).
