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Pension Presentation

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Sair Khan
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32 views

Pension Presentation

Uploaded by

Sair Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Introduction/History

•Wapda Act, 1958

•Frame of Regulations under Wapda Act, 1958

•Pension Rules 1977

•Kinds Of Pension

•Emoluments For Pension calculations


•Formulas To calculate Pension

•Restoration of Commuted Portion/Restoration of Pension


Formulations Of Regulations Under
Wapda Act 1958
Section 29 (Chapter-VII)

For the purpose of carrying into effect the provision of


this acts, the authority may, with the approval of
Government, frame such regulations as it may consider
necessary of expedient
Pension is an Old Age Benefit
Pension Rules 1977
These Rules Shall have affect from 19-2-1977
Starting Ending Point
Point Old Age
60 years old
Young Chap
Entitled for
18 to 28 years old
Pension
Attained the age of
Maturity
Extent Of Application

1. The Regular Employees of the Authority


2. Work Charged Employees later on declared
Regular
3. Contract Employees later on declared Regular
Extent Of Application
4-The Temporary Government Servants of the Provincial
Governments who had been transferred enbloc to
Wapda along with temporary Organizations and
Projects under the provisions of the Wapda Act, 1958
and have become Wapda employees from the date of
their transfer by virtue of having exercised option to
become Wapda employees under special permission
granted by the Authority.
5-Any other class of employees as may be declared
entitled to the grant of pension by the Authority by a
general or special order
Family for the purpose of Payment of Pension
a) Wife or Wives, in the case of a male Wapda Employee for life
b) Husband in the case of a female Wapda Employee
c) Children of the Wapda deceased Employee
d) Sons of the Wapda deceased Employee up to the age of 21 years
e) Unmarried Daughters of Wapda deceased Employee till their
marriage
f) Father of the Wapda deceased Employee till life
g) Mother of the Wapda deceased Employee till life
h) Brothers of the Wapda deceased Employee up to the age of 21 years
i) Un-married Sisters of the Wapda deceased Employee till their
marriage
j) Widow Daughter of the Wapda deceased Employee till their re-
marriage
k) Divorced Daughter of the Wapda deceased Employee till re-marriage
l) Dependent disabled/retarded children till life
m)Son widow daughter of the Wapda (Daughter in Law) of the Wapda
Definition of Child under Pension Rules

A Child means a legitimate child or an


“adopted child” if under the personal law of
the Wapda employee concerned, adoption is
legally recognized as conferring the status
of a natural child
Service Qualifying for Pension

i. The Service must be under Authority


ii. The Service must not be non-pensionable
iii. The service must be paid by Wapda from
Authority’s Fund
Retiring Pension
1.On completion of 25 years service,
employee can opt Retiring Pension
2.The competent authority can retire
compulsory from service under E&D
Rules
3.Under the Compulsory retirement
from service
4.The minimum service for the grant of
the Retiring Pension is 10 years and
maximum service benefit is up to 30
Invalid Pension
1.When a employee who by bodily or
mental infirmity is permanently
incapacitated for further service,
the Wapda Medical Board
recommend his medical
proceedings to the competent
authority to retire the employee on
Medical grounds
2.The minimum service for qualifying
Pension is 10 years and maximum
Superannuation Pension

1.When an employee attains the age of 60 years,


Superannuation Pension is granted
2.It is also called retirement on maturity
3.The minimum service for qualifying the
Pension is 10 years and maximum benefit of
service is 30 years
Family Pension
1. When an employee died during service, Family
Pension is granted to the family of the deceased
under the Pension Rules

2. If an employee died during service and has


rendered service less than 10 years, the benefit
of 10 years is granted under the Prime Minister
Assistance Package 2015.The maximum benefit
of service is 30 years
Compensation Pension
When an employee is selected for discharge
owing to the abolition of a regular post, he shall,
unless he is appointed to another post the
conditions of which are acceptable to him, have
the option:

• To take any compensation Pension or


• To accept another post or
• To transfer to another Division/Organization of
Wapda on a lower Pay, if offered
Emoluments
The term “Emoluments” shall mean the
emoluments which the Wapda employee was
receiving immediately before his retirement and
shall include:

• Basic Pay
• Personal Pay
• Senior post Allowance
• Qualification Pay
• Special Pay
• Technical Pay
• Budget Allowance
• Usual Increment
• Current Charged Allowance
Requirements for calculating Pension

• Date of Birth in Christian era i.e.

Day – Month – year (25-05-1985)

• Date of Appointment
• Date of Retirement
• Emoluments
Formula for Calculating Pension
Gross Pension = Pay x Service / 30 x 70/100 = A

35 % Commutation = A x 35 /100 x 12 x Age next Birthday Rate = B

65% Net Pension = A x 65 /100 = C

Said Formula is applied to calculate Retiring Pension, Invalid Pension and Superannuation Pension

The minimum service for qualifying for pension is 10 years


The maximum benefit of service up to 30 years is granted
Formula for Calculating Family Pension

Gross Pension = Pay x Service / 30 x 70/100 = A

25 % Gratuity= A x 25 /100 x 12 x Age next Birthday Rate = B

75% Net Family Pension = A x 75 /100 = C

Under Prim Minister Assistance Package, the service of the


Deceased Employee less than 10 years should be considered 10
years for calculating pension
The maximum benefit of service up to 30 years is granted
RESTORATION OF COMMUTED PORTION
For the grant of Restoration of Commuted Portion /
Restoration of Pension, the following points may be
observed:
Restoration of Commuted Portion will be granted after the
completion of the number of years purchased (as per the
age rate table applied for calculating Commutation /
Gratuity)
The benefit of all back periodical increases granted in
monthly Pension by the Finance Division GOP will also be
applicable on the Commuted Portion and arrears will be
allowed from the actual date of the Restoration of the
Commuted Portion
Thank You

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