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High Court ने लगाई लगाम- पे लेबिल 1 से 18 तक Rs- 5 लाख से 58 लाख तक लगभग फायदा! पेन्सनरों को मिलेगा–
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A Central Government servant has an option to commute a portion of pension, not exceeding 40% of it, into a lump sum payment. No medical examination is required if the option is exercised within one year of retirement. If the option is exercised after expiry of one year, he/she will have to under-go medical examination by the specified competent authority.
Lump sum payable is calculated with reference to the Commutation Table. The monthly pension will stand reduced by the portion commuted and the commuted portion will be restored on the expiry of 15 years from the date of receipt of the commuted value of pension. Dearness Relief, however, will continue to be calculated on the basis of the original pension (i.e. without reduction of commuted portion).
The formula for arriving for commuted value of Pension (CVP) is
CVP = 40 % (X) Commutation factor* (X) 12